Azernews.Az

By Nazrin Gadimova

Azerbaijan and the Korean Export-Import Bank (Eximbank) signed a loan agreement for the construction of a water purification unit in the Baku settlement of Pirshagi on April 14.

The news was announced by AZERSU national water operator.

AZERSU chairman Gorkhmaz Huseynov and Executive Director of the Korean Bank Yim Seong-hyeog signed the document.

Eximbank will provide Azerbaijan with a loan worth $43.5 million for the construction of a water purification unit with a capacity of 40,000 cubic meters, the agreement shows.

The funds will be granted for 40 years with a grace period of 10 years and an annual rate of 0.2 percent.

Speaking at the signing ceremony, Huseynov appreciated the participation of the Korean government and companies in Azerbaijan's investment projects and highlighted their successful implementation.

Eximbank is ready to continue supporting infrastructure projects, Seong-hyeog said at the signing ceremony.

The Pirshagi unit's operation will prevent waste water discharge in a large area in the north of the Absheron Peninsula.

Azerbaijan and Korea have signed about 40 agreements, and trade turnover between them has increased 16-fold, hitting $650 million in the past seven years.

Korea's exports to Azerbaijan are mainly automobile, plastic, and electronic products, while the South Caucasus republic exports oil, aluminum, and copper products to Korea. There is great potential for cooperation in the tourism sector as well.