Azerbaijan, Baku, May 7 / Trend A.Akhundov /
The Azerbaijani government will allocate about $6 billion to implement works on the development of the transport corridor within the framework of CAREC (Central Asia Regional Economic Cooperation), Azerbaijani Minister of Finance Samir Sharifov said in a speech at the annual 45th meeting of the Board of Governors of the Asian Development Bank (ADB), held in Manila from May 2 to 5, the ministry said on Monday.
The Minister noted the importance of active support by the ADB Board of Governors to CAREC program in the future.
He said 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. Azerbaijani government allocated funds worth about $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 sea tankers for transportation of petroleum products, expansion of the main highway between Azerbaijan and Georgia, reconstruction of railways, as well as providing soft loan 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.
The minister praised the current level of cooperation between Azerbaijan and ADB, and stressed that it will expand, and joint projects with the bank would receive support in the future.
"The development of infrastructure, distribution of electricity, water supply and sewerage, roads continue to be the main directions of cooperation with ADB," the Minister said.
During the meeting the minister held a series of business meetings. During meetings with ADB President Haruhiko Kuroda the sides discussed the socio-economic development in Azerbaijan, sustained economic growth and diversification of the economy, the current situation with the implementation of ADB projects in Azerbaijan and the areas of future cooperation.
The Minister conveyed to ADB head greetings of President Ilham Aliyev and expressed gratitude for the support on the issue of holding the 48th meeting of the Board of ADB Governors in Baku.
Annual, 48th meeting of the ADB Board of Governors in 2015 will be held in Baku. This decision was taken at a meeting in Manila (Philippines).
Key issues at the meeting in Manila this year were Asia's tasks to adapt to the global economic downturn, the promotion of "green" growth, ensuring regional food security and increased trade between Asia and Latin America.
ADB was established in 1966, its membership includes 67 countries. The Bank's headquarters is located in Manila.
Azerbaijan became a member of the Asian Development Bank on December 22, 1999, the proportion of the country's participation in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the USA (31.2 per cent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent), etc.