Azerbaijan, Baku, August 1 / Trend I. Khalilova /
Mission of Saudi Development Fund arrived in Azerbaijan to review current projects, the government said on August 1.
"Mission of the fund brought draft variant of loan agreement on project of construction and reconstruction of water supply and sewerage systems of settlements around Baku," the government said.
Directors' board of Saudi fund approved allocation of loan to the amount of 93.75 million Saudi Rials (roughly $25 million) in July to finance this project. At present, mission discusses terms and use of loan with Azersu JSC.
Saudi fund finances 50 percent of project cost. The Azerbaijani government will finance the rest part. Loan resources were given for 20 years with preferential period of five years and rate of 2 percent annual. Period of project realization and its coverage have been determined yet.
At present, fund financed three projects in Azerbaijan. Roughly $9.5 million was allocated to construct five schools in Baku, $18 million for reconstruction of part of Samur-Absheron channel - Valvalichay-Takhtakerpu and $13 million for Yevlakh-Ganja road. Mission of the fund conducts review on two last projects as realization of the first one is completed.
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