Azerbaijan, Baku / corr. Trend I.Khalilova / On 13 June the Government of Azerbaijan and Japanese Bank for International Co-operation signed a co-operation agreement, a source in the Cabinet of Ministers of Azerbaijan stated.
From the Azerbaijani side, the document was signed by Vice Prime Minister, Abid Sharifov and from JBIC - Executive Director for European and Near Eastern countries, Kunikai Ito. The agreement will assist in strengthening the relations between Azerbaijan and Japan and expanding co-operation with JBCI in many spheres.
In autumn of 2006, the Governments of Azerbaijan and Japan signed an agreement on technical assistance at the expense of the JBIC funds. Beginning from 2006, for the first time the Japanese bank begins co-operation with Azerbaijan in this regard. Up to now, Azerbaijan was receiving only financial assistance from the JBIC.
Presently the largest amount of finances for the projects in Azerbaijan has been presented by the JBIC. In addition, the gross amount of the Bank's investments to the energy projects in Azerbaijan amounts to $700 mln. The credits have been provided for 40 years under payment delay of 10 years and interest rate of 0.75% per year.