TODAY.AZ / Business

JICA allocates $900M for projects in Azerbaijan

10 October 2017 [12:45] - TODAY.AZ

By Azernews

By Sara Israfilbayova

Since the beginning of its cooperation with Azerbaijan, the Japan International Cooperation Agency (JICA) has financed four loan projects in the country in the amount of $900 million in the sectors of energy, water supply and sewerage.

"Moreover JICA has allocated $64 million for grant projects in the sectors of agriculture, health, energy, irrigation and road administration," the Agency told Trend.

JICA has also accepted more than 600 Azerbaijani government officials for participating in various trainings in Japan.

"JICA believes that development of human resources is the key for Azerbaijan to further support economic and social growth," the Agency said. "In this sense, JICA has dispatched experts for Azerbaijan and accepted trainees to Japan to transfer knowledge that the Japanese government and societies possess."

JICA launched its activity in Azerbaijan in 1993.

Since its foundation in 1974, JICA, being one of the executive agencies of the Official Development Assistance (ODA) of the Government of Japan, assists in the socio-economic development and development of human resources in order to promote the independent and sustainable development of the developing countries.

Japan was one of the first countries to support Azerbaijan's forward-looking oil strategy. Today two major Japanese companies Itochu and Impex are involved in the Contract of the Century [signed on September 20, 1994 in Baku, a large-scale international contract on the joint development of three oil fields - Azeri, Chirag, Gunashli in the Azerbaijani Sector of the Caspian Sea].

Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in energy and infrastructure projects in the country.

Cross Border Club organized a business forum on Azerbaijan for local businessmen in early August in Fukuoka, Japan.

General Manager of Cross Border Club Kazuyasu Ishida informed the participants of the forum about Azerbaijan’s business climate, adding that recently, interest of Japanese businessmen to Azerbaijan has increased.

Next such exhibition is scheduled for October 27-28.

The trade turnover between Azerbaijan and Japan amounted to $49.59 million in January-June of 2017, according to the Azerbaijan's State Customs Committee.


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