Azerbaijan in CAREC
- Azerbaijan joined CAREC in 2003
- Since 2003, $3.9 billion has been invested in transport, trade, and energy
- Azerbaijan currently has 14 ongoing CAREC projects
- Since 2005, five CAREC projects have been completed
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 2013:
Growth reached 2.2% from near stagnation in 2011, as the oil sector contracted less and activity outside of the oil sector accelerated. Smaller oil exports narrowed the current account surplus, but foreign direct investment, mainly in oil and gas projects, rose by more than 20%. Higher public investment spending, supported by transfers from the State Oil Fund, is expected to help spur growth to 3.1% in 2013 and, as oil production increases, to 4.8% in 2014. Read more.