Azerbaijan to spend astronomical amount of money for Baku and Absheron - UPDATE

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.

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The total state investments in Baku and the Absheron Peninsula will stand at 37.51 billion manats, according to the draft 'Greater Baku Regional Development Plan' designed for a period up to 2030.

The draft plan is posted on the website of the Azerbaijani State Committee for Architecture and Urban Planning.

The largest funds will be invested in the development of Baku. Some 31.74 billion manats will be allocated for these purposes.

Some 1.63 billion manats and 4.14 billion manats will be invested in Sumgait and in development of Absheron District, respectively.

Some 19.41 billion manats will be allocated by 2030 to develop the industrial potential of this region - 16.2 billion manats out of these funds will go to Baku, 2.45 billion manats - to the Absheron District, and 761 million manats - to Sumgait.

The state investments in the development of transport infrastructure and warehousing will stand at about 5.8 billion manats by 2030.

The overwhelming majority of these funds (5.08 billion manats) will be allocated for Baku, while some 643.8 million manats and 78.9 million manats will be allocated for the Absheron District region and Sumgait city, respectively.

The state will invest up to 2.26 billion manats to real estate related operations on the Absheron Peninsula - some 2.12 billion out of this amount will be directed to the construction of new houses.

Meanwhile, primary real estate worth 1.4 billion manats will be built in Baku, and real estate worth 618.1 million manats and 102.6 million manats will be built in the Absheron District and in Sumgait city, respectively.


/Trend/