Azernews.Az

By Aynur Jafarova

The Azerbaijani State Committee on Property Issues and the German Federal Ministry of Finance have signed a memorandum on mutual agreement and cooperation in the field of management and privatization of state property, the committee reported.

The document was undersigned by the chairperson of the State Committee on Property Issues, Karam Hasanov, and the director of the Management and Privatization Department of the Federal Ministry, Bruno Kahle in Berlin.

After the signing ceremony, the parties held discussions on implementation of measures indicated in the memorandum.

The memorandum stipulates cooperation in the field of improvement of legislation in the management and privatization of state property, exchange of experience and information, provision of consulting services, attraction of investments to the process of privatization, etc.

The committee reported that investment worth $982 million was made in properties privatized through investment tenders in Azerbaijan.

During the privatization process, which began in Azerbaijan since 1995, the properties were privatized in the fields of chemistry, engineering, building, transport, communication, trade, service and banking.

During the reporting period, about 45,000 small properties were handed over to private ownership and 1,600 medium and large properties were changed into joint stock companies.

According to the report, more than 1.5 million people made profit from privatization.