Azerbaijan allocates over $1 billion for Karabakh's reconstruction since early 2024

The Azerbaijani Finance Ministry has announced that the country’s government allocated 3,137.6 billion manats ($1,845.6 billion) from the state budget for the liberated territories' reconstruction and rehabilitation from January to September 2024. 

Some 64.6 per cent of 4,855.8 billion manats ($2,856.3 billion) envisaged for these purposes in the 2024 state budget has already been directed to the projects in the liberated areas over the past nine months, Caliber.Az reports, citing the ministry.

The ministry also emphasised that 1,728.9 billion manats ($1.017 billion), an increase of 8.8 per cent compared to the same period of last year, has been allocated through state capital investments, representing 61.4 per cent of the planned funding.

The restoration work in Karabakh entered the active phase in 2021 as several projects had been completed and the foundations for new ones were laid down.

The restoration process in Karabakh started right after the November 10 statement that ended the 44-day Second Karabakh War between Armenia and Azerbaijan.

After the war, Azerbaijan liberated its territories that constituted about 20 per cent of the total territory of Azerbaijan and were occupied by Armenian forces in the early 1990s. 

Despite the total destruction in Karabakh makes the restoration process complex and time-consuming, Azerbaijan immediately started the restoration process.

In this regard, the plan for the socio-economic development of the liberated territories was prepared, and for the implementation of this plan, Coordination Headquarters and 17 working groups in different areas were established.

By Naila Huseynova