Pasha Bank to finance reconstruction process in Karabakh

Liberated after a 30-year occupation, the Nagorno-Karabakh region is set to undergo a complete transformation, from infrastructure to roads and hospitals, with Turkish contractors set to play a vital role in the process, according to an investment bank CEO.

Azerbaijan wants to work with Turkish contractors, known for their construction experience in the region, said Cenk Eynehan, the CEO of Istanbul-based PASHA Bank, whose parent company is located in the Azerbaijani capital Baku, Turkish Bureau of Report informs.

Around 1.5 million Azerbaijanis will return to the region as the projects are carried out in infrastructure, agriculture, energy, education, and health, Enyehan stressed.

He said Azerbaijan had allocated a budget of 2.2 billion Azerbaijani manats ($1.3 billion) to the projects. The budget is expected to rise by tens of billions of dollars in the coming years.

Eynehan said Turkish contractors would play a part in the 100-kilometer (62-mile) Fuzuli-Shusha motorway and Fuzuli Airport projects.

PASHA Bank will also play a role in financing facilities for the rebuilding process.

He stressed that under new agreements following Azerbaijan's victory in Nagorno-Karabakh last fall, China's trade routes would be more active, and trade will grow.

"We believe that the economic and strategic cooperation between the two countries will become stronger for the prosperity and future of the region," Eynehan added.