Kauthar Bank to Launch Construction of a New Housing Complex in Baku after Attracting 100% Financing on the implementation of the Project
Kauthar Bank construction of a new multi-level housing complex and hotel in Baku, which is estimated at $120 mln. is delayed, Heydar Ibrahimov, President of the Bank, told Trend. He said that the sketch of the project has been designed. According to him, until the whole amount of the funds needed for the project is not found, it is impossible to launch the construction.
This requirement was posed by one of the parties of the project - Germany DIWIDAG, the general contractor of the project.
We managed to attract a certain part of the finances. But if we do not have 100% of the funds, we could not start the construction work. DIWIDAG pledged to complete al the construction work within a year and a half. The German company will invest into the construction work part of their finances, and the rest is expected to be attracted from external sources, said Mr. Ibrahimov.
Delays with the implementation of the project are linked with change of plans. According to the plan, one 45-level tower (earlier it was expected to be a 33-levels) and two 30-level building are expected to be constructed..
The designer and architect of the project is a known American design company YAMASAKI. (the author and designer of the construction of the World Trade Centre (WTO) in New York, ruined in a result of terror attacks on US in September 11, 2001). Another party to the project is French company ACCOR engaged in hotel business, he said.