The World Bank (WB) confirms its readiness to support the Caspian-Black Sea-Europe green energy corridor initiative, WB regional director for the South Caucasus, Rolande Pryce, said at the 11th Southern Gas Corridor Advisory Council Ministerial Meeting and 3rd Green Energy Advisory Council Ministerial Meeting in Baku, Report informs.
She noted that the WB is already providing assistance to the project from the private sector.
"The Bank has initiated investments aimed at developing the green energy corridor. In March 2025, the AZURE project was approved, the goal of which is to ensure reliable integration of 1.8 GW of variable generation from renewable sources into the national power system," said Pryce.
She added that the World Bank has also invested in generation projects, including the use of significant hydroelectric potential in Central Asia.
"In May 2024, the first stage of the program was approved to support the government of Georgia as a partner in the implementation of the underwater cable project across the Black Sea - a key element of the trans-European network of power lines connecting green energy production with the European market," she emphasized.
Pryce noted that the implementation of the green energy corridor project requires a comprehensive and coordinated approach.
"This includes the participation of public and private structures, conducting commercial, technical-economic, environmental and social studies, as well as appropriate investments in generating and transmission infrastructure in participating countries. The WB, including the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), has the necessary experience and confirms its readiness to support this project, building on the successful implementation of transformational infrastructure initiatives in various regions. We look forward to further deepening cooperation," she said.
