President of the Republic of Azerbaijan Ilham Aliyev has met with President of the European Investment Bank (EIB) Werner Hoyer in Munich.

The head of state hailed the cooperation between the EIB and Azerbaijan, noting that Azerbaijan enjoys very close ties with the European Union.

The Azerbaijani President expressed his gratitude to the European Investment Bank for its close engagement as a financial partner in the implementation of the Southern Gas Corridor.

Highlighting the development of digital transformation, export of renewable energy resources, concept of the expansion of transport links which are on the development agenda of Azerbaijan, the head of state said that the European Investment Bank can be a close partner of Azerbaijan in all three areas.

President Ilham Aliyev recalled the visit of President of the European Commission Ursula von der Leyen to Azerbaijan, and his meetings with President of the European Council Charles Michel.

The head of state emphasized Azerbaijan’s role in ensuring Europe’s energy security, as well as the Memorandum of Understanding on Strategic Partnership that was signed during the visit of Ursula von der Leyen to Azerbaijan.

Noting that Azerbaijan has increased gas export to the European energy market, President Ilham Aliyev also underlined that the country has great renewable energy potential in the Azerbaijani section of the Caspian Sea and onshore. In this regard, the head of state stressed the importance of the Memorandum of Understanding signed between Azerbaijan, Georgia, Romania and Hungary, and underlined that various documents on the production of renewable energy up to 25 gigawatts had been signed with international partner companies, and that the work is underway in this area.

Highlighting the plans to further increase the transport and logistics potential of Azerbaijan and create a free trade zone as a country located on the Middle Corridor, President Ilham Aliyev said that there great opportunities for cooperation in this field, adding that the country has also an attractive investment environment.

President of the European Investment Bank Werner Hoyer noted that the strategic line mentioned by President Ilham Aliyev is in full compliance with the financing strategy of the financial institution he chairs, as well as with the goals set in the "EU Global Gateway" strategy adopted by the European Union, and stressed that he is interested in cooperation with Azerbaijan in these areas. He underlined that the European Investment Bank particularly actively supports the "Green energy" concept.

Werner Hoyer emphasized that President Ilham Aliyev wisely used the country's financial resources to implement projects that serve the long-term development of Azerbaijan. He also expressed gratitude for Azerbaijan’s role in ensuring the energy security of the European Union.

During the meeting, the sides have agreed to continue contacts at the level of delegations and determine joint projects of mutual interest.