Asian Development Bank (ADB) is providing $ 200 million for the construction of a 39-kilometer stretch of the highway Masalli-Astara (southern Azerbaijan), according to a press release from the Baku office of ADB.
The agreement was signed by the Minister of Transport Ziya Mammadov and the director of the local office of ADB Ollie Naroyono.
This is the third tranche of the investment project in the amount of $ 500 million. According to the press release from the international financial agency, "ADB recognizes the importance of the road for the government. The unfavorable state of the road slows the rate of transportation and the development of non-oil sector, and promotes the growth of the number of accidents. In addition, it has a negative impact on the development of regional trade," Naroyono stated.
The loan is granted for 24 years with a grace period of 4 years.
Azerbaijan has been a member of ADB since 1999.
At the beginning of this year, the government of Azerbaijan signed agreements with ADB on loans totaling $ 596.9 million for the implementation of 7 projects in the areas of road construction, energy, water supply, irrigation and agriculture.
In accordance with ADB's business plan for Azerbaijan for the period of 2011-2013, the bank plans to provide loans totaling about $ 1 billion. - 17D-
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