The UN Special Program for the Economies of Central Asia (SPECA) Trust Fund will be a multi-partner fund, and the location of its secretariat is currently under discussion, Mario Apostolov, Regional Adviser of the European Economic Commission (UNECE) said, told Ednews reports.

According to him, the initial view on the fund has already been formed, and consultations with the countries are ongoing.

Apostolov believes that Azerbaijan is successfully developing cooperation with both SPECA and the UN: “SPECA was established 25 years ago and has become a unique tool during this period. The goal is to provide support to the emerging states, support the integration of their economies into Europe, and establish cooperation.

Due to the pandemic and financial and geopolitical crises in recent years, SPECA countries are facing new challenges, and therefore our countries need closer cooperation. Azerbaijan understands this very well. This year, SPECA is chaired by Azerbaijan. Azerbaijan has made great progress in the field of Trans-Caspian cooperation.”

The regional adviser added that he conducts consultations on the application of best practices within the framework of UN conventions and standards, provides examples of transport development, and provides directions for digitalization.

Note that the SPECA Trust Fund was established under the auspices of the UN. Azerbaijan will allocate $3.5 million to the Fund.