WB to sign new loan agreement

Azerbaijan, Baku, Aug. 10 / Trend N.Ismayilova /

The World Bank and the Azerbaijani Transport Ministry will sign a new loan agreement on a project to expand the Baku-Shamakhi-Mugan Highway from two to four lanes Aug. 11.

Transport Minister Ziya Mammadov and WB Country Manager Joseph Owen are scheduled to sign the agreement. This is the first such agreement signed by Owen since his appointment in August 2010.

The bank will allocate $241.6 million to finance the project in the form of mixed credits - $70 million will be funded by the WB International Development Association (IDA), and $171.6 million will be provided by the International Bank for Reconstruction and Development (IBRD). The remaining funds will be provided by the state. The total project cost is $356.15 million.

Baku-Shamakhi-Mugan is 122 kilometers in length. A total of 101 kilometers will be built within the project. The remaining section of the road has already been constructed.

Azerbaijan became a WB member in 1992. During this period, the bank has approved loans worth $2.5 billion to finance 47 projects in Azerbaijan. In the 2008 fiscal year alone, the bank intended to finance 13 projects worth $1.251 billion, thus accomplishing the four-year budget strategy in two years. Over the next two years (2009-10 years), the WB has expressed readiness to allocate more than $1 billion on commercial terms from the IBRD. But the bank still continues to provide funding for Azerbaijan in parallel on concessional terms.

Do you have any feedback? Contact our journalist at: [email protected]

Armenia is like Trojan horse inside CSTO - Turkish government
Armenia is like Trojan horse inside CSTO - Turkish government
It is not worth using  peacekeeping efforts of third states in settlement of Karabakh conflict - Georgian expert
It is not worth using peacekeeping efforts of third states in settlement of Karabakh conflict - Georgian expert
Armenia admits loss of 11 more servicemen
Armenia admits loss of 11 more servicemen
Loading Bars
Latest
Ukraine increases defense industry import from Turkey
Edmonton's population protests against Armenia's Ganja attacks
Iranian currency rates for October 28
Azerbaijani Foreign Minister expresses gratitude to Turkey (PHOTO)
Iran to declare its plan to sides on Nagorno-Karabakh conflict – Iranian Foreign Minister
Iran to increase cyber defense umbrella on its ports
Azerbaijani currency rates for Oct. 28
Resident of Hadrut calls on Armenian population to help establish peace in Karabakh (VIDEO)
Turkmenistan working to digitalize consular service
Significant advancement of Azerbaijani army at front worries some countries - Jordanian Major General
Oil rises 2% on U.S. Gulf shutdowns, outlook weak
Latest situation at front line on Oct. 28
Suffering losses, Armenian Armed Forces retreat - Azerbaijani MoD
Uzbekistan reveals its COVID-19 data for October 28
New general director appointed to SOCAR-AQS LLC
Iranian Energy Exchange announces products to be on sale October 28
Azerbaijani experts talks post-occupation period's economic benefits
Azerbaijani Defense Ministry lists Armenian military equipment destroyed
Azerbaijan's Tartar district subjected to artillery fire - MoD
Trump election website defaced, campaign working with law enforcement
Almost 150 new COVID-19 cases registered in Kazakhstan
Over 68 million people take part in 2020 US election early vote — portal
France's COVID-19 daily fatalities surge by 523, infections up by 33,417
All in-person meetings suspended at UN New York headquarters due to COVID-19 infections
Turkey reports 2,209 new COVID-19 cases, 366,208 in total
Israel reports 873 new COVID-19 cases, 311,724 in total
UK records highest daily coronavirus-related death toll since May
Uzbekistan, Turkey discuss military cooperation
Algeria's president hospitalised, office says
At least four dead after boat carrying migrants capsizes off northern France
Africa's confirmed COVID-19 cases pass 1.72 mln mark: Africa CDC
We condemn in strongest possible terms Armenia attack on Barda city - Turkish Foreign Ministry
Putin, Erdogan discuss Karabakh conflict
FIFA President Gianni Infantino diagnosed with positive COVID-19 case
Trump says COVID-19 aid deal expected after Nov. 3 election
Armenia doesn't want to accept its citizens and bodies of its own servicemen - State Commission
Azerbaijani army doesn't fire at civilian population - Defense Ministry
Armenian leadership should seriously think about it and take right step - President of Azerbaijan
There are periodical supplies of Armenian armed forces from base in Gumru - Azerbaijani president
Armenian prime minister must say that Azerbaijanis will return to Nagorno-Karabakh, including Shusha - President of Azerbaijan
Italy can play very important role in settlement of Karabakh conflict - President Ilham Aliyev
I regret that unfounded accusations come from the co-chair countries, says President of Azerbaijan
If Armenia publicly declares that they accept fundamental principles we will come to agreement very quickly - Azerbaijani president
If Armenia continues to disrupt ceasefire, we will be forced to respond adequately - Azerbaijani president
New government of Armenia has repeatedly stated that fundamental principles are unacceptable for it - President Aliyev
Auction on Ministry of Finance bonds placement held at Baku Stock Exchange
Armenia refuses to take bodies of its servicemen from battlefield - assistant to Azerbaijani president
Over the past day, Armenia has repeatedly violated humanitarian ceasefire - MoD
Armenia's statements about humanitarian ceasefire - nothing more than hypocrisy, says assistant to Azerbaijani president
India, U.S. sign key bilateral pacts
Armenia won't be able to withstand this war for long - Azerbaijani economic expert
Azerbaijani Foreign Ministry disseminates info on Armenia’s missile attack on Barda
Private houses greatly damaged as result of shelling of Azerbaijan’s Barda (PHOTO/VIDEO)
Azerbaijani army liberates 4 cities, 4 settlements and 165 villages within 1 month
Ukraine says energy sector, transport among priorities in co-op with Georgia
Kakhetian Traditional Winemaking of Georgia reveals volume of its sales
Georgia sees increase in berry exports
Turkmenistan boosts import of defense products from Turkey
Turkey says Uzbekistan minimizes import of its defense products
Azerbaijan unveils local insurers' nine-month payments
Hungarian airline WizzAir to open base at Georgian Kutaisi Airport next summer
Georgia's energy program continues as Tsalenjikha city supplied with gas
Azerbaijan determines national gymnastics team for Euro cup in Ukraine
Turkey's data says Kyrgyzstan lowers import of its defense products
Azerbaijani Prosecutor General's Office reveals those killed due to Armenia's attack on Barda
Children killed and wounded as result of Armenian Armed Forces’ missile attack
Armenia used cluster Smerch missile against civilians in Barda - Assistant to Azerbaijani president
Russia rises import of Turkish defense products
Turkish, Russian FMs discuss situation in Nagorno-Karabakh region
Kazakhstan reduces imports of defense products from Turkey
Turkey reveals 9M2020 data on cargo shipment via its ports from Egypt
Export of defense products to Italy falls - Turkish Trade Ministry
Iran ready to talk over joint water management on border with Azerbaijan
Number of killed in Barda raised to four as result of Armenia's missile attack - Assistant to Azerbaijani president
Expo Georgia to host agro exports forum in Online B2B Format
Toddler among killed as result of Armenia's missile attack to Barda - Assistant to Azerbaijani President
Turkmenistan, Kazakhstan aim to expand co-op in railway transportation
Turkmenistan, Afghanistan committed to dev't of bilateral ties
Casualties of Armenian military equipment since outbreak of hostilities in Karabakh named (PHOTO)
Armed 'religion servants': Armenian Сhurch calling for war (PHOTO)
Armenia resorts to war crimes attacking Barda with reactive missiles - Assistant to Azerbaijani president
Bank mortgage lending in Azerbaijan grows multifold
Azerbaijan to use Armenian tanks against Armenia (PHOTO)
Price of apartments in Tehran rises
Armenian Armed Forces shelling Azerbaijan’s Goranboy, Tartar and Barda districts
Armenian Armed Forces fire missile at Azerbaijan’s Barda, 3 civilians killed (PHOTO)
Amount of transactions in national currency at Turkmen exchnage in September 2020
Kazakhstan’s government to expand work on attracting US companies to co-op
Uzbekistan sets up special program for incoming foreign tourists
Bank lending to Azerbaijani regions increases
Iranian deputy FM to visit Moscow to discuss situation related to Karabakh conflict
National Bank of Georgia takes another steps to stabilize lari exchange rate
Georgian "Same" tea to appear at stores from November
Uzbekistan expects to resume tourist flow in spring 2021
Iran say it would welcome US returning to nuclear deal
Nagorno-Karabakh belongs to Azerbaijan - Iranian cleric
Video footage shows elimination of "minister of defense" of so-called regime in occupied Nagorno-Karabakh region of Azerbaijan (VIDEO)
Food security remains priority for Iran
Kazakhstan's budget deficit forecast for 2020 unveiled
Agricultural lands in Iran to be equipped with modern irrigation systems
All news