UK Export Finance (UKEF) has a risk appetite of at least £5 billion for Azerbaijan, UK Minister of State for Trade Lord Anas Sarwar said during his speech at the 8th meeting of the Azerbaijan-UK Joint Intergovernmental Commission in Baku, APA-Economics reports.
“UK Export Finance has the capacity to take on at least £5 billion in risk for Azerbaijan. What I would like to do together with the minister is identify projects where we can activate this financing. Our goal is to ensure the implementation of projects and the development of infrastructure in Azerbaijan,” Lord Anas Sarwar said.
According to him, these financial resources are intended to be used particularly to support infrastructure, clean energy and other priority projects.
The British minister identified energy and connectivity, technology and finance as the main promising areas of cooperation between the two countries.
He said Azerbaijan’s role as a country connecting the region’s economies and energy systems is growing. This includes not only traditional energy, but also renewable energy and new cross-border electricity connections.
The minister cited BP’s “Shafag” Solar Power Plant as an example of the transformation of the Azerbaijan-UK energy partnership. According to him, as Azerbaijan establishes new connections with neighboring countries and Europe, British companies are ready to offer their expertise in the development and financing of major infrastructure projects. In this context, he highlighted the capabilities of Xlinks and UKEF.
Lord Anas Sarwar also said there is significant potential for cooperation in the technology sector. He said Azerbaijan’s ambitious plans for digitalization, artificial intelligence and data infrastructure could be combined with the UK’s research and innovation capabilities.
According to him, cooperation should be expanded not only between businesses but also between educational institutions. In this context, the minister mentioned the University of Warwick, noting that universities could contribute to developing research and human resources capacity for Azerbaijan’s digital transformation.
The minister emphasized the importance of increasing investment in the opposite direction as well. He proposed exploring opportunities for Azerbaijani companies to access London capital markets, including through dual listings.
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