Germany gives Azerbaijan €370 million loan
By Nazrin Gadimova
Azerbaijan's Parliament ratified an agreement on financial cooperation between Azerbaijan and Germany on the projects agreed in 2008-2012.
Germany will allocate a preferential loan worth €370 million to Azerbaijan under an agreement signed on November 28, 2013, in Baku.
The major part of the loan - €220 million- will be financed by German KfW bank and sent for implementation of the program.
The loan will be spent for the development of municipal infrastructure, including the improvement of drinking water supply for the population of Ganja and Sheki.
An open program on renewable energy and energy efficiency will have a €130 million share in the loan, and €20 million will be spent in a program for the environmentally sound management of waste.
Diplomatic relations between Azerbaijan and Germany were established in February 1992. The Azerbaijani-German trade turnover amounted to $1.744 billion in 2012. The figure was $1.066 billion in the first half of 2013.
There are over 100 German companies in Azerbaijan. They have also acted as contractors under 10 investment projects worth more than €460 million.
A solid legal base exists between Azerbaijan and Germany and around 29 intergovernmental documents have been signed between the two countries to date.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!