Nearly $48 bln to be invested in development of Baku and Absheron by 2030

Photo: Nearly $48 bln to be invested in development of Baku and Absheron by 2030
 / Finance

Baku, Azerbaijan, May 20

By Emin Aliyev - Trend:

The total state investments in Baku and the Absheron Peninsula will stand at 37.51 billion manats, according to the draft 'Greater Baku Regional Development Plan' designed for a period up to 2030.

The draft plan is posted on the website of the Azerbaijani State Committee for Architecture and Urban Planning.

The largest funds will be invested in the development of Baku. Some 31.74 billion manats will be allocated for these purposes.

Some 1.63 billion manats and 4.14 billion manats will be invested in Sumgait and in development of Absheron District, respectively.

Some 19.41 billion manats will be allocated by 2030 to develop the industrial potential of this region - 16.2 billion manats out of these funds will go to Baku, 2.45 billion manats - to the Absheron District, and 761 million manats - to Sumgait.

The state investments in the development of transport infrastructure and warehousing will stand at about 5.8 billion manats by 2030.

The overwhelming majority of these funds (5.08 billion manats) will be allocated for Baku, while some 643.8 million manats and 78.9 million manats will be allocated for the Absheron District region and Sumgait city, respectively.

The state will invest up to 2.26 billion manats to real estate related operations on the Absheron Peninsula - some 2.12 billion out of this amount will be directed to the construction of new houses.

Meanwhile, primary real estate worth 1.4 billion manats will be built in Baku, and real estate worth 618.1 million manats and 102.6 million manats will be built in the Absheron District and in Sumgait city, respectively.

The official exchange rate for May 20 is 0.7844 AZN/USD.

Edited by C.N.

Follow us on Twitter @TRENDNewsAgency