Today.Az » Business » Cost of grandiose changes in Baku announced
10 May 2013 [11:04] - Today.Az
By AzerNerws
According to preliminary estimates, the average cost of the Baku Regional Development Plan can reach 4-5 billion manat, Head of the State Committee for Urban Planning and Architecture of Azerbaijan Abbas Alesgerov said on Friday.
Azerbaijan and the World Bank signed a credit agreement in 2007 for the preparation of the Baku Regional Development Plan that envisions future development of the city with its 11 surrounding areas, Sumgayit, the country's third largest city, and the entire Absheron Peninsula until 2030.
The plan, which covers an area of nearly 250,000 hectares, has been developed through coordination with the Baku State Design Institute.
Experts noted that initial studies covered the dynamics of the growth of these areas for 20 years and possible population growth in the region. It is estimated that by 2030, the population in the area will increase to 3.5 million people.
Azerbaijan's total population is currently more than 9.3 million.
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