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Korea allocates $70 mln to water supply projects in Azerbaijan

16 November 2011 15:05 (UTC +04:00)

Baku. Ali Ahmedov - APA-Economics. Memorandum of Understanding between Korea international Cooperation Agency and the Export-Import Bank of Korea (KEXIM Bank) and the Azersu Open Joint Stock Company Concerning the Project for â€˜A Total Solution for Water Shortages on Absheron Peninsulaâ€™ in line with East Asia Climate Partnership (EACP) of Korean Government was signed on November 14, 2011.

According to APA-Economics, On behalf of the Government of the Republic of Korea, KOICA will provide 26 million USD (twenty six million US dollars) of grant from EACP Fund to build water and wastewater networks in Kurdakhani settlement. KEXIM Bank will provide 43.5 million USD (forty three million and five hundred thousand US dollars) of Economic Development Cooperation Fund (EDCF) loan to construct the Pirshagi wastewater treatment plant.

The objectives of the project are 1) to contribute to improving climate change adaptation capacity of the Republic of Azerbaijan by providing safe and clean water to the residents in the Absheron peninsula and improving environmental conditions of the peninsula by treating and recycling waste water, 2) to support Azerbaijani government`s efforts to develop alternative water resources which could in turn accelerate green growth of the Republic of Azerbaijan by providing the wastewater treatment plant.

East Asia Climate Partnership (EACP: East Asia Climate Partnership) is South Korea’s international development cooperation project. Through the partnership with developing countries, it aims to share the green growth paradigm to Asian region, in order to have sustainable development while coping with climate change. During G8 expanded summit meeting at Toyako, Japan in July 2008, President Myungbak Yi proposed East Asia Climate Partnership (EACP) to support green growth in Asia and also to consolidate the cooperation with countries in partnership for the development of strategy to cope with climate change. South Korea determined to provide USD 200 million for 5 years from 2008 to 2012 to improve the capability of the countries in partnership to cope with climate change and also to accomplish sustainable development in Asia through East Asia Climate Partnership (EACP). The goal of this partnership is to successfully realize â€œwin-winâ€ strategy that pursues both to deal with climate change and to continue economic development by researching a new sustainable economic paradigm and by creating â€œEast Asia Low Carbon Development pathâ€.