AIIB to develop long-term investment program for Azerbaijan

The Asian Infrastructure Investment Bank (AIIB) will develop a long-term investment program for Azerbaijan, AIIB President and Chairman of the Board of Directors Jin Liqun said during the signing of a joint declaration on expanding partnership with Azerbaijan, Report informs.  

"As one of the founders of the AIIB, Azerbaijan has been a valuable partner for us from the very beginning. The AIIB is committed to further supporting the country's development and recognizes its high growth potential. The joint declaration reflects our shared aspiration to develop a long-term investment program aimed at shaping an interconnected future. The AIIB looks forward to working with Azerbaijan to support its national priorities and develop infrastructure that promotes sustainable development and shared prosperity both domestically and in the region," said Jin Liqun.  

The joint declaration is in line with Azerbaijan's national strategy outlined in the document "National Priorities of Socioeconomic Development until 2030" and the main mission of the AIIB - to finance the "Infrastructure of Tomorrow."  

The expansion of cooperation is aimed at creating a multi-year investment program that provides for sovereign financing of projects by the AIIB.  

The program will focus on three key areas: financing advanced, climate-resilient infrastructure that promotes decarbonization and supports national climate goals; developing next-generation transport, energy and digital infrastructure to strengthen Azerbaijan's role as an important international trade and logistics corridor; stimulating private investment by creating innovative financial models and a favorable environment for public-private partnerships.

A key shared goal is to address climate change and contribute to achieving global climate goals.  Azerbaijani Economy Minister Mikayil Jabbarov and AIIB Investment Director for Region 2 Konstantin Limitovskiy signed a Joint Declaration on Strategic Cooperation yesterday in the Chinese city of Tianjin at a ceremony attended by Azerbaijani President Ilham Aliyev and AIIB President Jin Liqun.

AIIB began operations in 2016, today it includes 110 approved members around the world, and the bank's authorized capital is $100 billion.