President of the Republic of Azerbaijan Ilham Aliyev has met with Senior Managing Director of the World Bank Axel van Trotsenburg in Munich, at the latter’s request, Paralel.Az reports.

Axel van Trotsenburg offered his congratulations to Azerbaijan on hosting of COP29, emphasizing that it is a manifestation of the country's support for green transition and combating climate change. He noted that the World Bank is ready to cooperate with Azerbaijan in this regard.

The head of state expressed his gratitude for the congratulations.

During the conversation, they hailed the cooperation between Azerbaijan and the World Bank. It was emphasized that Azerbaijan's current external debt, standing at around 7 percent, is a highly positive indicator, and overall economic indicators exhibit a very positive trend. With COP29 focusing on climate finance, they noted that within the framework of this significant event, there are ample opportunities for cooperation between the World Bank and Azerbaijan.

President Ilham Aliyev provided information about the renewable energy projects underway in Azerbaijan, highlighting their primarily national and regional nature. In this regard, he touched upon the Caspian Sea underwater electric cable project and Azerbaijan’s increased renewable energy potential in the Caspian Sea, which now exceeds 157 gigawatts. The Azerbaijani leader noted that the country is poised to become a green energy exporter in the near future, describing all of these developments as positive steps.