The length of the Baku-Samur highway, the border with Russia, will be reduced by 10 km and comprise 187 km, Yolneqliyyatservis Department of the Azerbaijani Transport Minsitry told Trend.
The Department selects a consultant within the project on modernization and reconstruction of the 60 km section from Sumgayit to Zarat settlemet of the highway, financed by the EBRD. Besides, tender is expected to be announced on selection of contractor soon.
The EBRD will allocate the $100m credit for 15 years with 3-year grace period and annual LIBOR+1%. The rest part of the section will be financed by the Czech Eximbank, which granted $180m credit for 14 years with 4-year grace period and annual LIBOR+0.6%. The total cost of the project is estimated at approximately $280m.