Azerbaijan, Baku, 30 August / Trend corr. I.Khalilova / The Asian Development Bank (ADB) has completed the inter bank procedures to approve loans to reconstruct the Ganja district road, which is a part of the highway to the Georgian border, bank's Baku office reported. Project's cost is $73.9mln. Some $55.4mln has been allocated by ADB and the rest $18.5mln by the Azerbaijani Government.
"The credit enters into the Multitranche Financing Facility - MFF, therefore, there is no need to approve the document separately at the meeting of Council of Directors.
The inter state procedures are taken to sign the loan agreement. The procedure may be finished within a week.
Road's total length is 39km. This section of the road is a part of the project to reconstruct the west and east parts of the Yervlakh-Ganja and Kazakh-Georgia border highway. ADB is financing the project; however, additional funds are needed into the project due to certain rise in prices. The additional funds are expected to be allocated from MMF parcel for Azerbaijani road projects ($500mnl).
The total cost of the first plot of the Yevlakh-Ganja highway with 88.8km length is $58.7mln. Some $10.4mln is allocated by the Islamic Development Bank, $11mln - Saudi Development Fund, $24mln - ABD and $13.3mln - Azerbaijani Government. Construction of the second plot of the Kazakh- Georgian border highway with 38.8km is $30mln. This project is financed by ABD ($28mln) and Azerbaijani Government ($2mln).
So far some $200mln has been allocated from ADB MMF parcel to reconstruct the Masalli-Astara highway. MMF parcel is expected to be utilized until 2014.
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