Baku, Azerbaijan, April 8
By Abbas Akhundov - Trend:
The Asian Development Bank (ADB) and the Azerbaijani government will discuss an opportunity of the bank's granting the third Multitranche Financing Facility (MFF) as part of the Third Road Network Development Investment Program in the country this week, the bank told Trend on April 7.
ADB Transport Specialist Balabhaskara Reddy Bathula on a visit to Baku will take part in the negotiations.
The bank plans to render technical assistance in the amount of $1 million to prepare the third MFF in 2016, according to the business plan for the bank's operations in Azerbaijan for 2014-2016.
ADB loan funds are part of the last tranche of the first multitranche financing facility package intended for road financing. The multitranche package was approved in the amount of $500 million in August 2007. Around $400 million of this amount was allocated by ADB for construction of the Masalli-Astara road, while some $55.4 million was allocated for financing a part of works under the project for reconstruction and expansion of the Ganja circular road.
The Asian Development Bank approved the allocation of a $45 million loan to finance the project for reconstruction of bridges on Agstafachay-Poylu-Georgian border highway in March.
The second multi-tranche package for the construction of roads was approved in November 2012 in the sum 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 (over 30 kilometers). The cost of the project is $625 million, $125 million of which will be provided by the country's government.
ADB allocated the first tranche worth $ 250 million in April last year. The bank plans to allocate the second loan of the same amount in September 2014.
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, South Korea and Canada (16 percent) and so on.
translated by NH
edited by CN