Karabakh infrastructure reconstruction likely complete by end-2025: Bank chief

By Gokhan Ergocun

ISTANBUL (AA) — Infrastructure in Nagorno-Karabakh, a region Azerbaijan liberated from nearly 30 years of Armenian occupation in 2021, is expected to be completely rebuilt by the end of next year, according to the head of an investment bank based in Türkiye.

Major Turkish contractors are advancing rapidly in projects to rebuild the region's infrastructure, including roads, buildings, and waterlines, Cenk Eynehan, the CEO of Pasha Bank, told Anadolu.

In 1991, the Armenian military occupied Nagorno-Karabakh (Upper Karabakh), internationally recognized as Azerbaijani territory, and seven adjacent regions.

Azerbaijan liberated most of the region during the war in the fall of 2020, which ended with a Russian-brokered peace agreement, opening the door to normalization.

Reconstruction efforts took off in the region after its liberation to heal the scars of occupation and war.

Pasha Bank was established in Istanbul in 1987 under the name Yatirim Bank as the country's first investment bank with foreign capital, operating under the management of different groups until 2015.

In 2015, the Baku-based Pasha Bank OJSC acquired a majority share of the lender and changed its name to Pasha.

Eynehan said Türkiye has a remarkable track record in infrastructure projects, with the qualified human resources and equipment to build roads, dams and tunnels.

This is part of the reason why the roughly $20-30 billion reconstruction process has progressed so much faster than expected, he said, adding that it would likely be complete by the end of 2025.

Once this is complete, the region will likely attract investment, especially in the tourism and agriculture sectors, he underlined.

- Turkish brands on Baku's streets

Public interest in Türkiye is on the rise in its neighbor and close ally Azerbaijan, Eynehan said, pointing out that more and more Azerbaijanis are going to Istanbul, as well as the capital Ankara, Aegean city Izmir, and top coastal cities.

Azerbaijani business representatives are coming to Türkiye to invest and their Turkish counterparts are also active in Azerbaijan, he noted.

Over 200 companies from Türkiye are currently active in Azerbaijan, with Turkish brands visible on the streets of Azerbaijan's Baku, he stressed.

The two countries' non-oil bilateral trade is expected to reach $15 billion by 2030, he said.

Bilateral trade currently amounts to about $7 billion.

Turkish people are not seen as foreigners in Azerbaijan, Eynehan underlined, adding that Pasha Bank prioritizes all investment activities between the two countries.