The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and SOCAR Green have discussed opportunities for cooperation in renewable energy, including the use of insurance instruments to attract green investments and reduce risks in project financing in Azerbaijan.
The discussions took place at a meeting between ICIEC CEO Khalid Khalafalla and SOCAR Green CEO Elmir Musayev during the ICIEC head's visit to Azerbaijan.
The parties reviewed potential areas of partnership, including the use of ICIEC's political risk and non-payment risk insurance instruments to mobilize investments, reduce project risks and enhance the financial sustainability of bank financing for green projects.
ICIEC noted that the cooperation aligns with Azerbaijan's priorities for renewable energy development and SOCAR's environmental strategy.
