Azernews.Az

By Ayya Lmahamad

The government has allocated € 218 million ($264.4M) for the construction of a new 37-storey administrative building of Azerbaijan’s Central Bank (CBA), local media has reported.

Turkish Tekfen Construction will oversee the design and construction of the new building and the project is expected to be completed in 36 months. The new administrative building of CBA will be 168 meters high, and will be built on an area of 67,981 sqm.

The scope of work includes the supply of engineering services, technical materials, as well as turnkey construction work.

It should be noted that Tekfen Construction has been operation in Azerbaijan since 1995. During the company’s activity in Azerbaijan, it has implemented large-scale construction projects such as the Olympic Stadium in Baku, SOCAR Tower and the administrative building of the former Ministry of Taxes.

The National Bank of Azerbaijan was established in1992 and was renamed as the Central Bank of Azerbaijan in March 2009. The main goal of the Central Bank is to maintain price stability within its authorities set by the Law, to organize and ensure operations of centralized interbank and other unlicensed payment systems, as well as support the stability of the banking system.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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