On May 15, in an exclusive interview with Report, Leah Gutierrez, Director General of the Asian Development Bank’s Central and West Asia Department, discussed the development of the Trans-Caspian Energy Corridor, renewable energy investments, and new financing mechanisms aimed at strengthening private sector participation.

Gutierrez, the Director General of the ADB’s Central and West Asia Department, stated that the bank is actively engaged with Azerbaijan through the Central Asia Regional Economic Cooperation (CAREC) framework, particularly along the CAREC 2 Corridor, which largely overlaps with the Middle Corridor. She emphasized that ADB has already made significant investments in Azerbaijan, especially in railway modernization and road network upgrades. According to her, unlocking the full potential of regional cooperation will require further targeted support, including infrastructure upgrades, improved multimodal transport systems, and the integration of digital technologies to raise efficiency and capacity. Gutierrez also noted that ADB, through CAREC, is identifying priority public and private investment projects in Azerbaijan, while supporting railway sector reforms and encouraging private participation in expanding Caspian port capacity and logistics hubs. In addition, the bank is examining opportunities in urban development, tourism, and the digital modernization of border crossing points, stressing that such measures are essential to turn transport routes into economic corridors that "create jobs, support businesses, and generate inclusive opportunities, particularly for women and youth."

Regarding Azerbaijan’s ambition to become a green energy hub, Gutierrez stated that ADB is already involved in financing renewable energy projects in the country through its private sector operations, including participation in Masdar’s Alat solar project as well as the Bilasuvar and Banka solar plants. She noted that the bank is further exploring solar and offshore wind developments as part of a broader clean energy transition across Central Asia and the Caucasus. Gutierrez highlighted ADB’s support for the feasibility study of the Caspian Sea Green Energy Corridor, describing it as a key regional initiative intended to function as a green energy bridge between Asia and Europe. In April 2025, she stated, ADB, together with the Asian Infrastructure Investment Bank and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan, signed a Memorandum of Understanding to assess the project’s technical, financial, regulatory, and environmental dimensions. She added that the initiative reflects ADB’s commitment to advancing Azerbaijan’s transition toward a sustainable and export-oriented energy system while strengthening regional energy security.

Addressing public–private partnership developments, Gutierrez stated that ADB has long supported Azerbaijan in strengthening its PPP legal and institutional framework, including assistance in drafting PPP legislation, establishing a dedicated PPP unit, and delivering training programs for government officials. She noted that the bank is also involved in advisory work for the Hovsan Wastewater Treatment and Reuse Project, the largest of its kind in the country. Beyond infrastructure, Gutierrez emphasized growing cooperation with private sector partners to support small and medium-sized enterprises, given their importance for employment and innovation. She added that ADB is expanding its financial toolkit beyond traditional lending to include guarantees, equity participation, and trade finance instruments, aiming to reduce investment risks and attract additional investors. According to her, this approach is designed to help Azerbaijan strengthen its private sector and advance sustainable, inclusive economic growth.