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IFC to Support Azerbaijan’s Shift from Fossil Fuels to Renewable Energy, Drive Economic Diversification

Baku, Azerbaijan, April 14, 2021—In a bid to develop the offshore wind energy sector as part of Azerbaijan's efforts to shift to renewable energy sources, IFC, a member of the World Bank Group, and Azerbaijan's Ministry of Energy today signed a Memorandum of Understanding. The aim is to support the country in reducing reliance on fossil fuels for electricity generation and facilitating private sector participation in the power sector.