The parties signed a memorandum of understanding Sept. 10 in Baku.
Secretary-General of the Permanent Secretariat of the Intergovernmental Commission TRACECA Mircea Ciopraga and Director of the CAREC Institute Bayaraa Sanjaasuren signed the document.
"Transportation networks in many TRACECA and CAREC countries are in need of modernization. The improvement of transportation systems requires significant financial resources that are not met by government funds. In this regard, TRACECA and CAREC will work closely with international financial institutions and facilitate private sector participation in financing and management of transport projects," Ciopraga noted.
TRACECA is an international transportation cooperation program between the EU and partner countries in Eastern Europe, South Caucasus and Central Asia. The organization, which includes 13 participants, has the Permanent Secretariat in Baku.
CAREC, founded in 1997, is a partnership of 11 countries - Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan and six multilateral institutions: Asian Development Bank, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Program and the World Bank.
After joining the CAREC program in 2002, Azerbaijan has invested about $3 billion in its projects. Azerbaijan has allocated about $6 billion for development of the transportation corridor within CAREC.
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