Asian Bank of Development Opens Credit Line to Finance Big Road Project in Azerbaijan
Azerbaijan, Baku, 15 January / Trend / A credit agreement on the reconstruction of part of the Masalli-Astara highway in the amount to $200mln was signed between the Azerbaijani Government and the Asian Bank of Development (ABD) on 15 January.
The sum is the first tranche of the total in the amount of $500mln, which was allocated within the framework of the Multitranche Financing Facility (MFF) to finance three road projects. Today, one project has been agreed upon. The MFF allocated up to 2014 to use the other part of the funds.
Under the agreement, the credit from ABD was partially allocated from the usual resources of the bank, but $10mln was privileges. The privileged part of the credit was allocated for the reconstruction of village roads which are connected to the highway.