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WB reviews third main project in Azerbaijan

Business Materials 3 August 2010 12:47 (UTC +04:00)

Azerbaijan, Baku, Aug.3 / Trend, N.Ismayilova /

The World Bank mission headed by project manager Jacques Bury began a review of the third main project he project to expand the Baku-Shamakhi-Mugan Highway from two to four lanes Aug.2, he WB Baku Office reported.

The Bank's three-day mission will last till Aug.5 and has a review character. A general contractor - Italian company Todini Costruzioni Generali S.p.A. has been already selected to carry out construction works.

The length of Baku-Shamakhi-Mugan is 124 kilometers. The bank will allocate $241.6 (246mln projected earlier) million to finance the project in the form of mixed credits, of which $70 million will be funded by the WB's International Development Association (IDA), and $171.6 million by the International Bank for Reconstruction and Development (IBRD). The remaining funds account for the state's participation in the project. The total project cost is $356.15 million.

Consultant of the project is the Finnish company Finroad.

Baku-Shamakhi-Mugan will link Baku with the western regions of the Republic.

The project focuses on reducing transportation costs and increase access and transit, ensuring road safety for passing on the Azerbaijani transport corridor "East-West".

Credit from IDA granted for a period of 17 years, with a possible suspension of its maturity for four years. Credit from the World Bank granted for a period of 20 years, with a possible suspension of its maturity for 10 years.

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