Aliya Azimova: IFC aims to engage private sector in green projects

Dialogue on a green transition is becoming a tradition in Azerbaijan, Aliya Azimova, the International Finance Corporation (IFC) Country Representative in Azerbaijan, said at the Climate Action Week in Baku, Report informs.

"I am pleased that the dialogue on a green transition is becoming a tradition, contributing to the country's further economic growth," she said.

Azimova emphasized that the role of multilateral development banks is often mistakenly perceived as the solution to all problems and eliminating all risks of green economy investments.

In her opinion, most such international financial institutions, including IFC, are actually seeking structures and models that maximize private sector and investor engagement in green transition projects with minimal use of concessional capital.

"At the market level, IFC sets and promotes global standards, provides technical support, develops financial instruments, and collaborates with governments to create regulatory frameworks and introduce new products," she added.