Asian Development Bank (ADB) will finance the construction of four bridges over roads Agstafachay - Poylu - Sadigli - the state border of Georgia and Poylu - Duzgyshlag - Gazakh, worth $ 45 million.
Agreement to this effect between the Azerbaijani government and ADB was achieved May 5 in Astana (Kazakhstan ) within the 47th annual meeting of the heads of the Bank under the loan agreement on the "Road Network Development Program - Project 4 ", funded by ADB.
The agreement was signed by the AR Finance Minister Samir Sharifov and ADB President Takehiko Nakao. Funds will be allocated under the advance of the approved Multi Funding mechanism (MFF) at $ 500 million. The total cost of the said project is $ 58 million, of which $ 13 million is the share of local government.
The Multi- project of development of road infrastructure in Azerbaijan was approved in 2008. ADB has allocated 3 tranches MFF - twice at $ 200 million and one – at $ 55.4 million.
Azerbaijan has been a member of ADB since December 22, 1999. Currently the active portfolio on Azerbaijan is $ 1.2 billion. -17D-
Economics
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