Azerbaijan, Baku / Trend corr. U.Ismaylova / The increase of the economic rates in China is one of the main causes affecting the rise in prices of oil and gas, USAID Senior Advisor Arnold Herbarger said in Baku on 30 November.
"We can observe rapid development in China, as well as an increase in the number of automobiles to 1mln in a year," Harberger said.
The oil price has reached $100 per barrel in the world market. Oil is the product of supply and demand therefore China's fuel demand has an effect on world market oil prices.
USAID became the first U.S. foreign assistance organization whose primary emphasis was on long-range economic and social development assistance efforts. Freed from political and military functions that plagued its predecessor organizations, USAID was able to offer direct support to the developing nations of the world. The agency unified already existing U.S. aid efforts, combining the economic and technical assistance operations of the International Cooperation Agency, the loan activities of the Development Loan Fund, the local currency functions of the Export-Import Bank, and the agricultural surplus distribution activities of the Food for Peace program of the Department of Agriculture.