IFC may allocate up to $500 mln for projects in Azerbaijan by 2030

BAKU. Feb 28 (Interfax) - The International Finance Corporation (IFC), part of the World Bank Group, plans to allocate $200-$500 million for financing projects in Azerbaijan in 2025-2029, according to World Bank materials.

The IFC's priority areas in Azerbaijan over the next five years will include renewable energy sources, transportation, the financial sector, irrigation systems in the agricultural sector, the digitalization of the economy and the development of the Middle Corridor (the Trans-Caspian Route).

According to World Bank materials, the IFC is currently implementing seven projects in Azerbaijan with a total value of $47 million.

The corporation is also collaborating with the State Oil Fund of Azerbaijan (SOFAZ), which has committed to investing $350 million in three funds. The parties are exploring new partnership opportunities.

The IFC along with other structural divisions of the World Bank - the International Bank for Reconstruction and Development (IBRD) and the Multilateral Investment Guarantee Agency (MIGA) - will continue to seek investment and advisory opportunities in Azerbaijan, the materials said.

"MIGA, in turn, intends to support the Azerbaijani government and state enterprises through the World Bank Group's guarantee platform in areas such as energy, water resources, urban transport development, and Middle Corridor infrastructure," they said.

IFC has invested more than $800 million in over 60 projects in Azerbaijan.