Germany allocates Azerbaijan preferential loan of 370 million euros

The German government will provide for the implementation of projects agreed with the Azerbaijani government in 2008-2012  subsidized loans for 370 million euros.

According to the press release  of the German embassy in Baku, it is  provided by the intergovernmental agreement on financial cooperation project agreed in 2008-2012  signed  on November 28 by the  finance minister, Samir Sharifov, and German Ambassador to Azerbaijan, Heidrun Tempel. Under the agreement, the loan will be presented through a bank KfW. Most of these funds, 220 million euros, will   be sent on the  "Programs utility infrastructure"  in Ganja and Sheki.

In addition, €130 million will be spent on financing the "Open program of renewable energy and energy efficiency." Another 20 million euros will be allocated to support the program "Ecologically pure waste management."

Earlier, the German government approved  providing for Azerbaijan by the KfW funds amounting 595 million euros. Of this amount, 95 million euros were sent to already completed projects, 220 million euros to the projects under implementation, and another 280 million euros  have been provided on future projects.

Financial cooperation between the two countries continues since 1993. Since 1993 , the Federal government has provided for Azerbaijan through GİZ and other  organization a technical assistance amounting 75 million euros. Currently, about five million euros are allocated for this purpose.

The main directions of technical cooperation is to support the private sector in the field of non-oil , municipal development, reforms in the field of justice, and guard of bio-diversification.—06D--