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ADB prepares for approval of next road loan for Azerbaijan

Business Materials 22 July 2014 19:03 (UTC +04:00)
The approval of a loan by the Asian Development Bank (ADB) for the construction of another road in Azerbaijan is expected in August, the ADB Baku office told Trend.

Baku, Azerbaijan, July 22
By Zulfiyya Gurbanova - Trend:

The approval of a loan by the Asian Development Bank (ADB) for the construction of another road in Azerbaijan is expected in August, the ADB Baku office told Trend.

"The Board of Directors will approve the loan of $250 million for the construction of the Salyan Jalilabad road," the representative office said.

Some $150 million with total project cost of $200 million was invested for the construction of the Salyan Jalilabad road in the business plan approved in February on the ADB operations in Azerbaijan for 2014-2016.

The second multi-tranche package for the construction of roads was approved in November 2012 in the amount of $500 million, as well as the first MFF. The program envisages the construction of the Masalli-Shorsulu highway to a length of 63 kilometers, consisting of two parts: Masalli-Jalilabad (32.2 kilometers) and Jalilabad-Shorsulu (in Salyan region). The cost of the project is $625 million, $125 million of which will be provided by the country's government.

Within the first tranche, the ADB allocated $250 million to build a four-lane Masalli-Jalilabad road. The total cost of the project amounted to $312 million, of which $62 million fell to the Azerbaijani government's share in the project. The loan agreement was signed in April 2013.

ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999.

The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia and South Korea and Canada (16 percent).

Edited by CN

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