(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 16. Japan InternationalCooperation Agency (JICA) is considering support for strengtheningthe logistics functions of the Caspian Sea route in Central Asiaand the Caucasus (Middle Corridor), a source in the company toldTrend .
"Azerbaijan's advantageous geographic location, attractivegovernment incentives, and commitment to enhancing the businessenvironment make it a desirable destination for investors lookingfor opportunities in both established and emerging sectors's advantageous position as a country bridging Europe andAsia has prompted investments in its transport infrastructure,encompassing the development of roads, railways, and ports, JICA is considering support for strengthening thelogistics functions of the Caspian Sea route in Central Asia andthe Caucasus (Middle Corridor)," the company said.
The source recalled that in 2022 JICA signed a project financeloan agreement with "Masdar Azerbaijan Energy" Limited LiabilityCompany, which has been implementing the Solar PV Plant Project inthe Republic of Azerbaijan.
"This is the first large-scale solar power project (230MW) inAzerbaijan in which both construction and operation are to becarried out by a private company. The Azerbaijani government isaiming to adhere to the Paris Agreement and seeks to increase theshare of renewable energy to 30% by 2030. This project will supportthe accomplishment of these goals and ensure a stable supply ofelectricity. JICA is ready to continue to support suchPublic-Private Partnership projects in the renewable energy,transportation, and logistics sectors in Azerbaijan," the sourceadded.
The source noted that priorities for JICA's Operations inAzerbaijan are the following: Economic Infrastructure, SocialSector and Human Resource Development. Infrastructure developmentto support the growth mainly led by oil production as well asnon-oil sector development is important. As the country isclassified as an "upper-middle income country", JICA's ODA loanoperations are limited in the following 4 areas: i) Environment;ii) Human Resource Development; iii) Disaster Protection andRecovery Measures; and iv) Social infrastructure development inurban areas to improve the living standards of the urban poor.
JICA is the biggest bilateral development aid organization inthe world, with an annual operating budget of over $15 billion. Notonly for Azerbaijan, JICA has also contributed a lot to worlddevelopment. JICA plays a significant role as Official DevelopmentAssistance for Japan.
JICA serves as Japan's ODA's "one-stop shop," offering a varietyof services such as grants, financing and investment, volunteers,technical cooperation, and private sector partnerships. As one ofthe world's largest bilateral aid agencies, JICA operates in morethan 150 countries and regions and has approximately 90 overseasoffices.
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