Baku, Azerbaijan, Mar. 9
By Elyaz Shafiyev - Trend:
The Azerbaijani Transport Ministry and the European Bank for Reconstruction and Development (EBRD) are preparing for signing of a grant agreement worth 499,810 euros for the project entitled "Repair and restoration of roads in Azerbaijan - institutional strengthening of the road sector".
The relevant authority for signing the grant agreement was provided by the Cabinet of Ministers on December 16, 2014, the report of the Azerbaijani government as of 2014, presented to the parliament of the country, says.
The main objective of this project is to preserve the stability and efficiency of investments attracted to the road sector, to improve the quality of road services, including institutional strengthening and improving of road asset and fixed asset management.
The EBRD invested 238 million euros in the implementation of 21 projects in Azerbaijan in 2014.
For comparison, the EBRD allocated 163 million euros for the implementation of 17 projects in the country in 2013.
The EBRD has allocated $ 2.5 billion to finance 146 projects in various sectors of the economy since the beginning of cooperation with Azerbaijan. One of the EBRD's main tasks is to ensure the stable development of Azerbaijan's non-oil sector by investing in small and medium private enterprises.
Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest - in the CIS and Eastern Europe.
In particular, the bank allocated 214 million euros for the implementation of 14 projects in Georgia in 2014 and 114 million euros for the implementation of 18 projects in Armenia.
Edited by CN