Baku, Republic of Azerbaijan, 28 February 2023 - IsDB President Dr. Muhammad Al Jasser met with H.E Mr. Parviz Shahbazov, the Minister of Energy of the Republic of Azerbaijan, to discuss the strong relationship between the IsDB Group and the Government of Azerbaijan (GoA). The IsDB Group remains committed to fostering cooperation with the Republic of Azerbaijan to contribute to its socio-economic development.

The IsDB Group's largest sector of operations, accounting for more than 42% of its total portfolio, is energy. IsDB has provided financing to several energy projects in Azerbaijan, including the Baku Waste to Energy Plant. IsDB has also provided financing to rehabilitate the Mingechaur Hydro Power Project and extended financing to the Khachmaz Electric Substation and Transmission Project, both of which have increased the reliability of the electricity supply in Azerbaijan.

IsDB has also facilitated the construction of the state-of-the-art 780 MW gas-fired combined cycle Janub Power Plant and provided an STI grant financing to Rainergy Company to fund research and development related to the collection of rainwater to produce electricity.

The Government of Azerbaijan has marked the transformation of the Karabakh region into a green zone as a priority within ongoing reconstruction and development projects in the liberated territories. IsDB is happy to support such initiatives and programs, including attracting new investments for developing renewable energy projects, especially in the Karabakh region.

IsDB Group's commitment to supporting Azerbaijan's socio-economic development and fostering cooperation is unwavering. The Bank looks forward to continued collaboration with the Government of Azerbaijan and contributing to its continued success.