Azerbaijani Parliament Adopts Loan Agreement on Air Traffic Control System
Azerbaijan, Baku, 24 June / Trend / The Azerbaijani Parliament adopted a loan agreement between the Governments of Azerbaijan and France on granting a loan by the French State Bank Natexis Banques Populaires for the project on renovation of the air traffic management system in the airports in two of Azerbaijani cities, Nakhchivan and Ganja.
The lump sum of the loan amounts to €14,880,000, allocated for 21 years (with 7-year grace period) with 1.5% interest a year. Principle amount of the loan will be repaid in 28 installments in every six months.
The airport, located in the Nakhchivan Autonomous Republic, was put into exploitation in 2004 after its reconstruction. Ganja Airport, located in the western part of Azerbaijan, was reconstructed and put into exploitation in 2006. Both airports hold a status of international airport.