Azerbaijan, Baku, 15 November / Trend corr. I.Khalilova/ The Islamic Development Bank (IDB) allocated grant to develop a project on reconstruction of Mil-Garabag collector, the Azerbaijani Government said on 15 November.
The Islamic Bank will allocate $195,375, which is designated to finance consulting services and to purchase necessary equipment, from general amount of $347,050 technical assistance.
The IDB's technical assistance was allocated within the framework of the bank's budget for 2008 on cooperation program with the Azerbaijani Government (2007-2010). The Islamic Bank plans to allocate $35mln loan to finance the project in 2010.
Cost of the project will be fixed during its assessment. As maximum amount of the Islamic Bank's lax loan makes up 7mln Islamic dinar ($10.5mln), lax loan can be allocated only to develop infrastructure.
Only five projects at $141mln amount, which are included in the financed projects of Azerbaijan under state guarantee, were under commercial conditions. They have been directed to realize construction projects of Alat-Gazimuhammad highway, Mingachevir power station (first and second phase), Ujar-Yevlakh road and Khachmaz substation.
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