Finance

Finance

Azerbaijan invested $ 3 billion in CAREC projects

17 November 2011 08:42 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. After the accession of Azerbaijan to the Central Asia Regional Economic Cooperation (CAREC) of the Asian Development Bank in 2002, Azerbaijan has invested about $ 3 billion in CAREC projects, which help improve the lives of people throughout the region.

Improvement of East-West highway within the framework of CAREC Program has helped to make this a key artery in a more efficient corridor between the Caspian Sea and Black Sea, thereby promoting trade between Europe and Asia. The improved roads helped to raise local agriculture and industry, as well as expand the benefits of oil revenues.

â€Road construction shows Azerbaijan’s commitment to the establishment of trade relations, which improve the quality of life and commerce in the country and outside itâ€ - said Olli Noroyono, head of the ADB in Azerbaijan.

In general, a wide network of roads and railways programs of CAREC transport people and goods from north China to the Caucasus and in Europe, from Kazakhstan to the port of Karachi and global markets.

Remind that, the CAREC was founded in 1997 and supported by ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, UN Development Programme and the World Bank. The purpose of CAREC - to develop economic cooperation between the countries of Central Asia. Along with Azerbaijan, members of CAREC are Turkmenistan, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Afghanistan, Pakistan, Mongolia and China.