Azerbaijan in CAREC
- Azerbaijan joined CAREC in 2003
- Since 2003, $3.9 billion has been invested in transport, trade, and energy
- 14 ongoing CAREC projects
- 5 completed CAREC projects
Second Road Network Development Investment Program - Tranche 1
Expected outcome: The second investment program aims to generate economic growth in Azerbaijan and expand its trade with neighboring countries.
Roads Reconstruction and Upgrading Project
Expected outcome: The project will reconstruct key regional roads either feeding into key corridors or directly leading to key border-crossing points with Georgia and Iran.
Third Highway Project
Expected outcome: The project will contribute to a more efficient and safer Baku–Shamakhi road and higher quality road services as part of the upgrading to motorway standards, and to improve the management of the nascent motorway network.
Azerbaijan is located on the southeastern part of the Caucasus, which stretches for more than 800 kilometers from the Black to the Caspian Sea. Lying at the crossroads of Europe and Asia, the country is uniquely positioned, and retains great significance for world economic and cultural links.
Highlights from the Asian Development Outlook 2014:
Growth accelerated to 5.8% in 2103 from 2.2% a year earlier, reflecting recovery in the oil sector and continued growth in the rest of the economy. Declining oil prices squeezed export earnings and narrowed the current account surplus to 16.7% of GDP. Growth is projected to moderate to 4%-5% in 2014 and 2015 as industry grows more slowly. Read more.