Azerbaijan`s Azersu Company inks grant agreement with Korea
Baku, October 15 (AZERTAC). A grant agreement on “Establishment of Water Supply and Sanitation System in Kurdakhany district in the Absheron Peninsula” project was signed between Azerbaijan`s Azersu company and Korea`s Ministry of Foreign Affairs and Trade.
The document was signed by Azersu Chairman Gorkhmaz Huseynov and Korean Ambassador to Azerbaijan Li Ci-han.
Speaking in the signing ceremony, Huseynov noted that in accordance with “State Program on social-economic development of Baku city and its settlements in 2011-2013” Korean International Cooperation Agency (KOICA) and Azersu Company agreed on solution of water insufficiency problem for reconstruction of water supply and sewerage system in Kurdakhany district in the Absheron Peninsula.
Korean government will allocate 26.18 mln USD for the project and it’ll cover 2011-2014 years. Other payments on the project will be paid by the Azerbaijani side.
Korean Ambassador stressed that reconstruction of water supply and sewerage system in Kurdakhany district would contribute to improvement of living conditions of the people and ecological situation in the Absheron Peninsula. Li Ci-han also underlined importance of the agreement towards development of cooperation between the two countries.
KOICA was founded as a government agency on April 1, 1991, to maximize the effectiveness of Korea`s grant aid programs for developing countries by implementing the government`s grant aid and technical cooperation programs.
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