Azerbaijan to assign $6bn to CAREC transport corridor development

Mon 07 May 2012 08:14 GMT | 12:14 Local Time

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The Asian Development Bank’s Directors Board intends to continue active support to the CAREC program (Central Asian Regional Economic Cooperation).

The statement came from Samir Sharifov, member of the ADB directors board, speaking at the 45th annual assembly of the ADB Directors’ Board.

He said ‘the works on transportation of cargo from China, Pakistan and Central Asia to the markets of Turkey and Southern Europe via Azerbaijan are due’ within CAREC.

“Azerbaijan supports the CAREC program. Azerbaijani state has mobilized about $6bn to the development of this transport corridor for the construction of the biggest trade port in the Caspian Sea, purchase of ships and railway ferryboats for dry cargo, tankers for transportation of oil products, broadening the main highway between Azerbaijan and Georgia to 4 strips, reconstruction of railroads, as well as provision of a preferential loan, allocated to the Georgian government for construction of a new railway line between Georgia and Turkey as part of the project of creation of the Baku-Tbilisi-Kars railway”, Sharifov said.

The minister praised the current level of cooperation between Azerbaijan and ADB.

“It will be consolidated and joint projects with the bank will get support in the future. The main directions of cooperation with ADB involve infrastructural development, power distribution, water supply and sanitation, roads development”, Sharifov said.




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