ADB ready to accelerate talks on additional road project financing in Azerbaijan
Azerbaijan, Baku, March 7 / Trend I.Khalilova /
The Asian Development Bank (ADB) is interested in accelerating talks on allocating additional funding for the project to build the Masalli-Astara Highway.
"The bank plans to hold talks until March 20 to accelerate the loan process. About $160-170 million will be allocated additionally to implement the ADB project," its Baku office said.
The project can be financed from the third tranche of the Multitranche Financing Facility (MFF) for road projects in Azerbaijan, approved to the amount of $500 million in August 2007.
Earlier, the MFF third loan was allocated for the Ganja-Gazakh Highway's modernization.
The road will be constructed using a $200-million ADB loan. The government's share is $49 million.
The Azerinshaatservis construction company was chosen to build the first section of the road.
The bidding procedure will be completed in April for two other cites.
The bank has until 2014 to use the remaining funds.