24 Oct 2023 12:01

Azerbaijani authorities to allot nearly $10 bln for Karabakh, East Zangezur recovery in 2024-2027

BAKU. Oct 24 (Interfax) - The Azerbaijani government plans to allocate 13.682 billion manat, or $9.8 billion, from the state budget in 2024-2027 to fund construction and recovery projects in Karabakh and East Zangezur.

"We plan to provide 13.682 billion manat from the state budget in 2024-2027 for the implementation of projects in the liberated territories. In total, 29.4% of the state budget's capital expenditure is expected to be spent for these purposes over the next four years," an Azerbaijani Finance Ministry spokesperson told Interfax.

As reported, Azerbaijan's authorities estimate investment needs during the first stage of the Karabakh and East Zangezur restoration program for 2022-2026 at 30.5 billion manat, or $17.9 billion.

The Azerbaijani authorities allocated 6.6 billion manat, or some $3.9 billion, from the budget in 2020-2022 for restoration projects in Karabakh and East Zangezur. A total of 5.3 billion manat, or $3.1 billion, was earmarked for these purposes in the 2023 budget.

On November 16, 2022, Azerbaijani President Ilham Aliyev endorsed the first government program of a major return to Azerbaijan's liberated territories. Azerbaijan plans to relocate 34,500 families to Karabakh and East Zangezur by 2027, where apartment buildings and individual homes will be built for them.

By that time, Azerbaijan intends to reinforce its military infrastructure and build energy, transport, sports, social, and other infrastructure in Karabakh and East Zangezur.

In late September 2023, Aliyev said the Azerbaijani authorities plan to ensure the return of more than 100,000 people to Karabakh and East Zangezur over the next three years, in 2024-2026.