BAKU, Azerbaijan, May 21
By Zeyni Jafarov - Trend:
The World Bank (WB) approved issuing of a loan in the amount of $65 million for the project of developing roads in Azerbaijan, Trend reports referring to a source in the WB.
According to the source, the Board of Directors considered the ‘Development of Regional Relations’ road project on May 20, 2021.
"Within the framework of this project, the Board of Directors allocated $65 million to Azerbaijan," the WB statement said.
As Sarah Michael, the bank's regional manager for Azerbaijan, noted, the project will help the country achieve its national development priorities.
The financing of the project is divided into three key areas: investments in roads and auxiliary agricultural and logistics infrastructure; organization of logistics and financial sustainability; efficiency of the road sector.
In general, the WB has allocated a loan worth $1.1 billion since 2001 to Azerbaijan for three projects to reconstruct highways.
Azerbaijan has been cooperating with the WB since 1992. To date, the WB has allocated loans worth $3.5 billion to Azerbaijan for the implementation of more than 50 projects.