2024-04-26 11:26:11
The Japan International Cooperation Agency (JICA) is considering providing support to strengthen the logistics functions of the Middle Corridor.
As Day.Az reports, a source in the company told Trend about this.
“Azerbaijan’s advantageous geographic location, attractive government incentives and commitment to improving the business environment make it a desirable destination for investors seeking opportunities in both established and emerging sectors. Azerbaijan’s advantageous position as a country connecting Europe and Asia has encouraged investment in its transport infrastructure, including the development of roads, railways and ports. JICA is currently considering support to strengthen the logistics functions of the Middle Corridor,” the department said.
The organization recalled that in 2022, JICA signed a loan agreement on project financing with Masdar Azerbaijan Energy LLC, which is implementing a solar photovoltaic station project in Azerbaijan.
“This is the first large-scale solar power project (230 MW) in Azerbaijan, in which both construction and operation will be carried out by a private company. The Azerbaijani government intends to adhere to the Paris Agreement and aims to increase the share of renewable energy sources to 30 percent by 2030. This project will contribute to achieving these goals and ensure stable supply of electricity. JICA is ready to continue supporting such public-private partnership projects in the renewable energy, transport and logistics sectors in Azerbaijan,” the source added.
JICA also noted that the priorities of the organization’s activities in Azerbaijan are economic infrastructure, social sector and human resource development. Infrastructure development is important to support growth, driven primarily by oil production, as well as the development of the non-oil sector. Since the country is classified as an “upper middle income country”, JICA’s ODA lending operations are limited in the following 4 areas: i) Environment; ii) Human Resource Development; iii) Disaster protection and recovery measures; and iv) Development of social infrastructure in urban areas to improve the standard of living of the urban poor.
JICA is the world’s largest bilateral development assistance organization with an annual operating budget of more than $15 billion. JICA makes a significant contribution not only to the development of Azerbaijan, but also to global development. JICA plays an important role as official development assistance for Japan.
JICA is Japan’s “one-stop shop” for ODA, offering a wide range of services such as grants, financing and investment, volunteers, technical cooperation and private sector partnerships. As one of the world’s largest bilateral aid agencies, JICA operates in more than 150 countries and regions and has approximately 90 overseas offices.
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