JBIC Views Possibility of Financing Construction of a News Sea Port in Azerbaijan

Business Materials 6 November 2006 17:50 (UTC +04:00)

Azerbaijan's Transport Ministry has proposed the Japan Bank for International Co-operation (JBIC) to participate in the project on the construction of a new international sea port in the Country. The matter was discussed during the visit of a mission of the Bank to Baku which included Kenechiro Hayashi, head of JBIC Russia and CIS and Eshehiro Kumagan, Director of a JBIC Department.

The Azerbaijan Government is looking at several alternatives on the construction of the new port. In the Garadagh District of the Country (Alyat Settlement), a new international sea trade port is expected to be constructed, and a lesser dry cargo port is expected to be constructed in Zikh. The new dry cargo port will have 3-4 mooring lines for re-shipping vessels with ecologically-clean loads such like foodstuffs, etc.).

EBRD (European Bank for Reconstruction and Development) is also showing an interest in the project. According to the Economic Development Ministry, EBRD is about to prepare its own vision of the new international sea port, including its future location.