EBRD Ready to Work With Azerbaijan and Expand the Southern Gas Corridor

There is potential for the expansion of the Southern Gas Corridor and if a decision is made on this, the EBRD would be happpy to cooperate with Azerbaijan, the president of the European Bank for Reconstruction and Development (EBRD) Odile Renault-Basso said during her visit to the country.

“Historically, we have had very fruitful cooperation with Azerbaijan. In the past, the bank has supported the Southern Gas Corridor project by providing €1.7 billion in financing for the Shah Deniz 2, TANAP and TAP projects. At present, our strategic focus is on supporting the development of the country’s non-oil sector, including renewable energy sources,” she said.

Odile Renaud-Basso noted that the EBRD recently supported the Ministry of Energy in developing a renewable energy system.

“Now we are ready to invest in improving the network throughout Azerbaijan, which is a precondition for the further development of the renewable energy sector. The Bank is open to explore investment opportunities in other renewable energy projects. We are preparing to invest in a first of its kind wind farm on the Absheron Peninsula,” the EBRD President noted.

Regarding the Green City Action Plan for the city of Ganja, Odile Renaud-Basso noted that the EBRD’s €5 billion Green Cities Program helps member cities identify, prioritize and address the most pressing environmental issues.

“Currently, there are 56 cities in the Green Cities network, and Ganja is the first Azerbaijani city to join the program in 2020. In July, we launched the Green City Action Plan for Ganja. In addition to identifying and prioritizing climate change challenges and risks, the Action Plan also addresses these challenges through targeted urban infrastructure investments and policy measures,” she said.

The EBRD President noted that she would sign an agreement to help modernize Ganja’s municipal street lighting during her visit next week.

“We would like to thank the Ministers of Economy and Finance, other members of the Cabinet of Ministers, and the Mayor of Ganja for their continued support for projects under the Green Cities program in Ganja. We hope that this will be one of many green infrastructure investments in Azerbaijan,” she said.

Odile Renaud-Basso believes that for the residents of Ganja, the street lighting project will significantly increase energy efficiency and road safety.