Azerbaijan, Baku, July 10 / Trend I. Khalilova /
Saudi Economic Development Fund's mission will arrive in Baku to consider current projects in Azerbaijan on July 30, the government sad on July 10.
Directors' board of Saudi fund approved allocation of loan in the amount of 93.75 million Saudi rials (roughly $25 million) to finance construction and reconstruction of water supply and sewerage of settlements and villages of Baku. It is not excluded that fund's mission will bring project of loan agreement to submit the government for consideration.
Saudi Fund finances 50 percent of project cost. The Azerbaijani government will finance the rest part. Loan resources are given for 20 years with preferential period of 5 years and rate of 2 percent. Period of project realization and its coverage are not determined.
Presently, the fund financed three projects in Azerbaijan. Roughly $9.5 million was allocated for construction of 5 schools in Baku, $18 million for reconstruction of part of Samur-Absheron channel - Velvelichay-Tahtakerpu and $13 million for road of Yevlakh-Ganja.
Do you have any feedback? Contact our journalist at [email protected]