Meeting of Trade. and Transport Facilitation Committee to Take Place in Baku
Azerbaijan, Baku, 20 May /corr. Trend I.Khalilova / The meeting of the Trade and Transport Facilitation Committee will take place in Baku on 10-13 June within CAREC (Central Asian Regional Economic Cooperation) program, a source at Asian Development Bank's Baku representation said on 20 May.
Initially consultations on the transport issues took place during the workshop on 'CAREC Trade Logistics and Efficiency Monitoring' held in Baku on 23 April.
During the meeting, Baku was suggested as the transfer center in the second transport corridor (which covers China -Central Asia - Europe), proposed for construction under CAREC program. The projects will be implemented under the program on assistance to trade and development of transport in the region adopted by CAREC member countries at the end of last year. It will enable to establish in Baku a huge logistics center and cargo from China will be transported via the Azerbaijani border, reproduced and transported by national transporters. It will contribute in attracting investments to the country and development of its transport system.
This program includes the establishment of six transport corridors running via the territory of eight CAREC member-countries with a total budget of $18bln. Two of the corridors will connect Azerbaijan with Kazakhstan and Turkmenistan and envision the development of automobile, air and railway transport.
The total amount of financing for the development of transport corridors, approved by the ABD in 2007 jointly with other international financial institutes participating in CAREC, made up $1.2bln with $680mln to be allocated by the ADB.
The Multitranche Financing Facility (MFF) adopted by the ABD for Azerbaijan and envisaging the approval of $500mln for the implementation of transport projects, is one of the steps taken for the development of the transport corridor.
CAREC is a partnership involving eight countries ( Azerbaijan, Afghanistan, China, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan) and six international financial institutions (Asian Development Bank, International Monetary Fund, European Bank for Reconstruction and Development, UNDP, World Bank and Islamic Development Bank).
The correspondent can be contacted at: [email protected]