Kazakhstan's Deputy PM: Joint investment fund with Azerbaijan will finance green projects

The Azerbaijani-Kazakh investment fund will likely prioritize financing green projects, Kazakhstan's Deputy Prime Minister Nurlan Baibazarov told journalists in Baku, according to Report.

"We have clear cooperation in the oil and gas sector, where technologies are being implemented to reduce the harmful effects of oil extraction and overall petroleum products production. Additionally, we have created a joint investment fund, and I think priorities will be given specifically to green projects and green infrastructure projects," he said.

According to him, the project to create a green corridor connecting Azerbaijan and Kazakhstan is in its initial stage.

Baibazarov noted that the parties are considering joint projects for developing green energy and transit transport channels, including across the Caspian Sea.

He emphasized that an agreement regarding forest conservation has been signed. The project involves the participation of an international organization in implementing a project to plant saxaul trees on the bottom of the Aral Sea.

"This is a type of climatically resistant tree species that can grow in such terrain. I think there is great potential for implementing this project, which on one hand aims at protecting and preserving the climate, and on the other hand at increasing financial and economic cooperation between our brotherly countries," added the Deputy Prime Minister of Kazakhstan.