Azerbaijan, Baku, 30 April / Trend / The World Bank has allocated $300mln loan to Azerbaijan for upgradation and reconstruction of its highways. The loan has been allotted for 40 years, with 10-year grace period.
The loan will be used for upgradation and rehabilitation of certain selected sections of the existing East-West and North-South corridors.
The additional financing will be for upgrading the remaining 112 km highway between Alat and Masalli and reconstruction of the 41 km long Tagiyev - Sahil bypass that connects the roads from Baku to Russian and Iranian borders. It will also cover the rehabilitation of about 200 km of local roads; technical assistance, monitoring and evaluation, as well as the cost of financial audits.