Azerbaijan, Baku, Feb. 9 / Trend , I.Khalilova/
The Asian Development Bank (ADB) will send its mission led by Key Transport Specialist Dong-Soo Pyo to Azerbaijan to get familiarization with the current state of a project on reconstructing Masalli-Astara motorway worth $200 million, the ADB Baku Office said on Feb. 9.
The mission's visit will last from Feb. 12 to Feb. 14.
"Particularly, the ADB wants to get familiarization with situation with purchasing lands from people at Masalli-Astara section which should be implemented in line with plan developed by the Ministry of Finance," the office said.
Lands will be purchased by public funds and some 30-35 million mantas will be allocated with this purpose. The ADB has high interest in it, because construction work can begin only after purchasing lands.
The road was subdivided into three sections and the first 23 kilometers of the motorway will be reconstructed by 2010-2011.
The ADB Board of Directors approved the project on Sept. 28 in 2007. Under the agreement, the Asian bank issued loans at $190 million partially from its common resources for 24 years with four-year grace period and libor+0.6 interest rate, as well as loans at $10 million - under preferable conditions for 32 years with 8-year grace period and 1 percent of interest rate within a grace period and 1.5 percent - within the remained period. Favorable part of the loan was designated to reconstruct secondary rural roads joining the motorway.
The credit on the Masalli-Astara highway has been allocated within the mechanism of Multitranche Financing Facility (MFF) with a sum total of $500mln for the financing three road projects. Today two projects at $255.4 million have been coordinated, and the bank provided time up to 2014 to use the remaining funds. Some $ $55.4mln was allocated to reconstruct the Ganja circumurban road at 39 kilometers.
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