Baku, Absheron public investment to hit 77.1 billion manats
By Nazrin Gadimova
The total volume of public investment in Baku and Absheron peninsula will reach 77.1 billion manats by 2030.
The news was announced in the Greater Baku Regional Development Plan project, which is posted on the website of the Azerbaijan's State Committee for Architecture and Urban Planning.
In accordance with the project, more than a half of public investment (or 37.51 billion manat) will be allocated to fixed assets. The largest funds will be invested in the development of Baku; 31.74 billion manats will be allocated for these purposes, while some 1.63 and 4.14 billion manats will be invested in Sumgait city and Absheron district respectively.
Some 19.41 billion manats will be allocated to the development of the region's industrial potential by 2030, 16.2 billion of which will fall on Baku. Some 2.45 billion manats of this amount will fall on the Absheron district, while 761 million manats will be invested in Sumgayit.
Public investment in transport infrastructure and storage facilities will amount to about 5.8 billion manat, while state will invest up to 2.26 billion manats in real estate operations on the peninsula; 2.12 billion of the amount will be spent on the construction of new houses.
Azerbaijan and the World Bank signed a loan agreement for the development of the Greater Baku Regional Development Plan in 2007. The plan, which was designed for the period of up to 2030 and beyond, was developed through coordination with Baku State Design Institute.
Under the Plan, the city's streets and roads will be wider by hundreds of kilometers, the number of polluted lakes will be significantly reduced, and parks and public gardens will be created in an area of 34,000 hectares.
The project drafts were prepared jointly with consultants in economic development (US specialist Kay Miller), environmental issues (the Spanish company Eptisa), and urban planning (Italian Angelo de Urso).
The Plan envisions the future development of the city and 11 surrounding areas, Sumgayit, the country's third largest city, and the entire Absheron Peninsula till 2030.