BAKU, Azerbaijan, December 24. President of the Republic of Azerbaijan Ilham Aliyev has signed a decree "On additional measures to increase the cargo handling capacity of the Baku International Sea Trade Port," Trend reports.
According to the decree, 20 million manat ($11.7 million) have been designated from the President's reserve money, as specified in the 2024 state budget, to augment the authorized capital of Baku International Sea Trade Port CJSC. These funds will facilitate the creation of a specialized project management office for the second phase of the port's expansion, intended to enhance the port's cargo handling capacity by 10 million tons, culminating in a total capacity of 25 million tons.
The Ministry of Finance is tasked with securing finance, while the Cabinet of Ministers will handle any associated difficulties stemming from the decree.
The decree is effective immediately upon signing.