Azerbaijan ratifies cooperation agreement with Germany in finance sphere

Photo: Azerbaijan ratifies cooperation agreement with Germany in finance sphere / Economy news

Baku, Azerbaijan, Feb. 25

By Abbas Akhundov, Ilkin Izzet - Trend:

On Feb.25, the Milli Majlis (parliament) of Azerbaijan ratified the agreement on financial cooperation between the governments of Azerbaijan and Germany on the projects agreed in 2008-2012.

Germany will allocate a preferential loan worth some 370 million euros to the government of Azerbaijan in accordance with the agreement signed on November 28, 2013 in Baku.

The major part of the loan (that will be financed by German KfW bank), some 220 million euro will be sent for implementation of the program for development of municipal infrastructure, including the improvement of drinking water supply to the population of Ganja and Sheki, according to the document.

Additionally, some 130 million euros has been allocated to the open program on renewable energy and energy efficiency, and 20 million euro - for program for the environmentally sound management of waste.

Translated by L.Z.

Edited by C.N.

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