Saudi Arabia approves financing of water supply and sewerage system in Azerbaijan
Azerbaijan, Baku, July 3 / Trend I. Khalilova /
Saudi Arabia Fund's council of directors approved allocation of grant in the amount of 93.75 million Saudi rials ($25 million) to finance construction and reconstruction of water supply and sewerage systems of Baku's settlements, the Azerbaijani government said on July 3.
"Saudi Arabia Fund finances 50 percent of project cost. The Azerbaijani government will finance the rest part," source said.
Credit resources are given for 20 years with grace period of 5 years and rate of 2 percent per year. Period of project realization and its coverage has not been determined.
"Presently, Azersu JSC operates to describe the project," the government said.
Moreover, credit agreement is expected to be received from Saudi Arabia Fund by late July. Detailed elaboration will be held there. The Fund's estimation mission will arrive in Azerbaijan to coordinate credit agreement.
Presently, the Fund financed three projects in Azerbaijan. Roughly $9.5 million was allocated to construct 5 schools in Baku, $18 million for reconstruction of part of Samur-Absheron channel - Velvelichay-Tahtakerpu, $13 million for road of Yevlakh-Ganja.
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