Azerbaijan, Baku, March 2 / Trend, E.Ismayilov /
Canadian company PROJ-G.E.T Consultant Inc will attract investments in the project on Khazar Islands housing estate construction, conducted by Avesta concern, financial adviser of the PROJ-G.E.T Consultant Inc, Sergey Gamayev told journalists on Saturday.
In this regard, a relevant memorandum of understanding between Avesta and PROJ-G.E.T Consultant Inc. was signed on Saturday.
PROJ-G.E.T Consultant Inc will act as the financial intermediary between Khazar Islands and financial institutions from Canada to attract financing, as well as conduct the engineering work within the project, which will particularly cover creation of municipal infrastructure of the project.
According to the vice-president of the consulting company, the Khazar Islands project creates big impression, and the representatives of the company have became on the spot the witnesses of really conducted works within the project.
According to the head of Avesta concern Haji Ibrahim Ibrahimov, investors show a great interest to this project, and that is confirmed by the fact that until the end of April about 10 investors could start working here.
The project will be implemented in three stages. Realization of the first stage has to come to the end in 2017, it assumes the development of investments in volume of 10 billion dollars. The second stage will begin in 2015 and will come to the end in 2020-22, and the third - will begin in 2017 and will proceed till 2025-26, Ibrahimov said.
The complex is calculated on accommodation of one million people, from whom 800 thousand is necessary on permanent residents, and 200 thousand is on tourists, he noted.
"Creation of a similar complex in Azerbaijan will make a big contribution to development of tourism sector of Azerbaijan and respectively will bring big receipts to the country state budget," Ibrahimov said.
According to him, 50 percent of populated part of a complex is necessary on local population, and the remained part is on foreign citizens.
In the territory of Khazar Islands the highest building of a planet (1050 meters high) will settle down.
Khazar Islands which is under construction on the artificial archipelago, will consist of 50 islands of different size with a total area of three thousand hectares on which 19 residential districts will settle down. In total the archipelago will occupy 24 square kilometers: the length will make eight kilometers and the width will make three kilometers. Total length of the boulevard will reach 150 kilometers.
The cost of the new housing estate of Khazar Islands is estimated previously in 100 billion dollars.