As Turan was told, the transmission of the Regional Development Plan of Greater Baku to the Executive Power of the capital has been moved to January.
Currently, the State Committee for Architecture and Urban Planning of Azerbaijan is finishing completion and approval of the project, to then submit it for approval to the Cabinet of Ministers.
Earlier it was planned to transfer the project to the executive branch in the autumn of this year. The project has a long history and revised several times. Finally, on May 15 this year, he was presented to the public.
One of the main goals of the project is to turn Baku into a model metropolis. The plan calls for a comprehensive response to the socio-economic and environmental improvement of the city with a view to preserving historically formed the central part of Baku.
The cost of the Regional Development Plan for Greater Baku is estimated a total of about 140 billion manats. Of them directly in the development of Baku is planned to invest 90 billion. manat.
These funds will be allocated for social needs, reducing the burden on the city, transport and municipal infrastructure, environmental and business projects.
The project, which will be implemented until 2030, covers part of the city of Baku and Absheron region, as well as Sumgayit city with a total area of 282 000 hectares.
The project has four main components: 1) modernization of the center of Baku, 2) the construction of a satellite town with a population of 200 thousand near the settlement Alat with the transport node and the new international airport, 2) development of the city in the south-east, where there is a resort area, 4) reconstruction of a residential zone in the direction of the capital to the city of Sumgait, including the city itself.
Particular attention is paid to the environmental rehabilitation of the capital. For this purpose, oil refineries and other industrial facilities will be transferred outside of Baku. At the presentation in May it was reported that the park area around the lake Boyukshor to the Seaside Boulevard will create a green belt with width up to 700 meters, which will create an ecological corridor that will connect the north and south of the capital.
Experts believe that the population of Greater Baku in 2030 will grow by 1 million people and will reach 3.8 million people. -0
Economics
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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