According to preliminary estimates, the total investment gap for the development of the Middle Corridor amounts to USD 30–45 billion, Ziya Aliyev, Vice President Banking at the Black Sea Trade and Development Bank (BSTDB), said during the panel discussion titled “Azerbaijan at the Nexus of South Caucasus–Central Asia Strategic Partnerships: A Key Driver of Regional Cooperation,” held as part of the 2nd Azerbaijan International Investment Forum, APA reports.
He said that the capabilities of regional governments and capital market institutions to fully close this investment gap are limited: “In this regard, it is important to involve international financial institutions and multilateral development banks in the process.”
Ziya Aliyev noted that Azerbaijan has two important advantages in this regard: “One of them is the country’s strong financial indicators and large international foreign exchange reserves. The other advantage is related to the reforms carried out in state-owned enterprises over the past five to six years. Many state-owned enterprises have begun to operate more productively, innovatively, profitably and transparently. These factors enable state-owned enterprises to develop and implement projects that are attractive to international financial institutions and multilateral development banks.”
The representative of the international financial institution said that their portfolio in Azerbaijan currently includes 15 projects with a total value of USD 500 million.
“We have already approved a number of projects in the development of the energy sector, transport, manufacturing and mining,” he added.
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