The Ministry of Transport of Azerbaijan has signed a loan agreement with the Asian Development Bank (ADB) under the project 'Development Program, the second road network. Project I ". The sum of the contract, which was signed behind closed doors, has not been reported.
In an official press service of the Ministry of Transport said that the credit was issued to finance the construction and installation work on the construction of Masalli-Jalilabad road with length of 32.5 kilometers and other components of the project This road runs on the transport corridor North-South and is one of the sections of the Alat- Astara road (up to the state border of the Islamic Republic of Iran).
The project involves the construction of two new lanes to upgrade roads to IB.
Earlier, ADB reported that the financing of this project provided from the multi-tranche package for road construction worth $ 500 million, approved in August 2007. Under the agreement, the loan granted for 24 years with a grace period of four years, at the rate of six-month libor +0.4%. Thus, on the road reconstruction project Masalli-Astara in 2007, ADB has provided Azerbaijan $ 455.4 million ($ 200 million, $ 55.4 million and the last loan of $ 200 million). - 08D -
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