President of the Asian Development Bank (ADB) Masatsugu Asakawa is on a visit to Azerbaijan on the occasion of the 25th anniversary of the partnership between the Republic of Azerbaijan and the Bank, the Ministry of Finance told APA-Economics.
According to the information, within the framework of his first official visit to Azerbaijan, Masatsugu Asakawa held meetings with Minister of Finance Samir Sharifov, member of the Bank's Board from Azerbaijan side and Minister of Economy Mikayil Jabbarov.
Masatsugu Asakawa said that ADB is fully committed to serving as a climate-supporting bank for the Asia-Pacific region, and the Bank aims to provide USD 100 billion in climate finance by 2030: "Therefore, I am very plased to see the confident efforts of the Azerbaijani government towards the energy transition, which includes the goal of increasing the share of renewable energy to 30% by 2030. ADB will continue to support you in achieving this truly ambitious and admirable goal."
M. Asakawa, emphasizing that ADB highly appreciates Azerbaijan's activities in preparation for the COP29 event, said that this global event will place Azerbaijan at the forefront of the climate change agenda, and strengthen the country's leading role in solving current global problems related to climate change.
During his visit to Garadagh district, Masatsugu Asakawa visited the 230 megawatt solar power plant co-financed by ADB with a USD 21.4 million loan. The station is ADB's first renewable energy project in Azerbaijan and is it’s the first significant investment in the country's private sector renewable energy sector, involving long-term international development financing.
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