Azerbaijan to direct USD 6 Billion to development of CAREC Corridor

The Azerbaijani Government will allocate about USD 6 Billion to implement works on the development of the transport corridor within the framework of CAREC, Azerbaijani Minister of Finance Samir Sharifov.

The Minister noted the importance of active support by the ADB Board of Governors to CAREC program in the future.
Under the program work to deliver cargo from China, Pakistan and Central Asia to markets in Turkey and Southern Europe via Azerbaijan should be carried out.

“Azerbaijan supports the CAREC programme and the government allocated funds worth about USD 6 Billion for the development of this corridor. These funds will be directed at the construction of the largest commercial port on the Caspian Sea, the purchase of vessels and rail ferries for the transport of dry cargo, as well as the reconstruction of railways between Georgia and Azerbaijan. A soft loan will be issued to the Georgian government for the construction of the new railway line between Georgia and Turkey under the Baku-Tbilisi-Kars project,” the minister said.


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