BAKU, Azerbaijan, December 24. President of the
Republic of Azerbaijan Ilham Aliyev has signed a decree “On
additional measures to increase the cargo handling capacity of the
Baku International Sea Trade Port,” Trend reports.
According to the decree, 20 million manat ($11.7 million) have
been designated from the President’s reserve money, as specified in
the 2024 state budget, to augment the authorized capital of Baku
International Sea Trade Port CJSC. These funds will facilitate the
creation of a specialized project management office for the second
phase of the port’s expansion, intended to enhance the port’s cargo
handling capacity by 10 million tons, culminating in a total
capacity of 25 million tons.
The Ministry of Finance is tasked with securing finance, while
the Cabinet of Ministers will handle any associated difficulties
stemming from the decree.
The decree is effective immediately upon signing.
