South Korea allocates over $290M to Azerbaijan since beginning of cooperation

Business Materials 16 March 2015 20:25 (UTC +04:00)

Baku, Azerbaijan, Mar. 16

By Elyaz Shafiyev - Trend:

Azerbaijan has signed three loan agreements totaling $ 245.5 million since the beginning of the cooperation with the government of the Republic of Korea and until January 1, 2015, the Azerbaijani government's report as of 2014 submitted to the parliament said.

According to the report, the project of transferring the Yevlakh -Ganja highway into the first category worth $ 180 million has already been implemented. Two more projects totaling $ 65.5 million are being implemented.

Some $22 million were allocated as part of the loan agreement signed between the government of Azerbaijan and the Korean Export-Import Bank in Baku on April 11, 2014. This loan agreement concerned the establishment of a professional training center.

In 2014 Korea's Eximbank allocated a loan worth $ 43.5 million for Azerbaijan to implement the project of constructing a sewerage treatment unit in Pirshagi settlement.

"The cooperation with the Republic of Korea is not limited to the issuance of preferential loans, as the technical assistance is rendered to implement the projects through the Korean International Cooperation Agency (KOICA)," the statement said.

Some 10 grant agreements have been signed since the beginning of cooperation with KOICA. Some $48.08 million were allocated to Azerbaijan.

The work was over to get seven grants totaling $ 14.7 million. The work is underway concerning three grants totaling $ 33.38 million.

Edited by CN