BAKU, Azerbaijan, September 28. A working group to finalize documents regulating the status and activities of the TRACECA Fund started its work in the format of a web conference on September 27, 2023, Trend reports.
According to TRACECA, the establishment of the fund is an effective mechanism that will attract funds that will be used exclusively in the interests of the parties and on their territory.
The participants of the meeting from Azerbaijan, Georgia, Iran, Kazakhstan, Kyrgyzstan, Moldova, Romania, Türkiye, Ukraine, and Uzbekistan considered proposals to finalize the text of the Rules of Operation of the TRACECA Fund.
During the conference, a number of countries made proposals to finalize the text of the rules regarding governance mechanisms, financing procedures, audit issues, and the termination of the fund.
In addition, the working group considered the proposals defining the terms of consideration of applications for project financing, the expediency of determining the maximum thresholds of financing, the conditions of project implementation, as well as co-financing mechanisms with partial allocation of TRACECA Fund resources.
Based on the results of the discussions, the Permanent Secretariat will continue to finalize the text of the Rules of Procedure of the Fund, taking into account the agreements reached and positions voiced.
The TRACECA corridor participates in the gradually developing trends of trade and economic development. The main transport flows passing through the corridor are formed, on the one hand, in Western and Central Europe and, on the other hand, in Central and Southeast Asia.