World Bank issues loan to overhaul highways in Azerbaijan
Azerbaijan, Baku, July 29 / Trend /
Azerbaijani Transport Ministry and World Bank have signed an agreement on a second additional financing and loan agreement as a part of the second highway project in Azerbaijan, the Ministry said.
Agreement on a second additional financing worth $63 million has been signed with the International Development Association and loan agreement worth $112 million has been signed with the International Bank of Reconstruction and Development.
The total volume of loan is $258 million and additional financing worth $175 million envisaged by the agreement will be spent to develop communication between city centers in the area of Hajiqabul-Bahramtapa. 166-kilometers highway and 200 -kilometers local road will be overhauled as a part of the project.
The loan of the International Development Association has been issued for 20 years with a grace period of 10 years and loan issued by IBRD has been issued for 17 years with a grace period of 4 years.
Azerbaijan and WB cooperate since 1992 and so far, the WB has undertaken to finance 45 projects worth $2 billion.