Swiss ambassador talks funds invested in Azerbaijani economy UPDATE

Business Materials 13 December 2021 12:32 (UTC +04:00)

Details added, first version posted 12:23

BAKU, Azerbaijan, Dec. 13

By Khagan Isayev - Trend:

Switzerland has invested $110 million in the Azerbaijani economy over the past 22 years, Ambassador of Switzerland to Azerbaijan Muriel Peneveyre said at a press conference, Trend reports on Dec. 13.

According to Peneveyre, the World Bank is one of the main executors of projects financed by Switzerland in Azerbaijan

"In 2019, we celebrated the 20th anniversary of international cooperation between Switzerland and Azerbaijan. In 1999, when this cooperation had just begun, the emphasis was on the humanitarian sphere. This was directly related to the support of refugees and internally displaced persons," she said.

"As Azerbaijan develops, this cooperation is aimed at implementing long-term projects. We began to cooperate in the areas of water infrastructure and vocational education. For example, in 2000-2011, Switzerland provided $4 million in support for the restoration of the kariz [underground hydraulic system] in the Nakhchivan Autonomous Republic," the ambassador added.

Peneveyre also noted that with the further development of the Azerbaijani economy, cooperation between Switzerland and Azerbaijan began to expand in the economic and technical spheres.

"In general, over 22 years of this cooperation, Switzerland has invested in the Azerbaijani economy in the amount of $110 million, which were directed to support 90 projects," she said.