Azerbaijani and German governments sign €370 mln-financial cooperation agreement

Azerbaijani and German governments have signed an “Agreement on Financial Cooperation on agreed projects in 2008-2012”, said the press service of the Ministry of Finance November 28.

According to the agreement signed by Azerbaijani Finance Minister Samir Sharifov and German Ambassador to Azerbaijan Heidrun Tempel, German government will allocate €370 mln preferential loans to Azerbaijan via KfW bank. According to intergovernmental agreement, €220 mln will be directed to program related to improvement of water supply in Ganja and Shaki and Communal Infrastructure program. At the same time, € 130 mln will be directed to the project “Open program on renewable energy and energy efficiency”, €20 mln – to the program “Waste management cleanly”.

It was noted that at the signing ceremony that Azerbaijan and Germany have being cooperated since 1993.

Adapted from APA