Azerbaijan, Baku, Aug.4 / Trend, E. Ismayilov /
The Asian Development Bank (ADB) is ready to provide Azerbaijan with the second multi-tranche financing (MFF) for road construction in the amount of $600 million for the implementation of the project on reconstruction of the highway Baku-Georgian border, ADB business plan on Azerbaijan for 2011-2013 says. The business plan was approved by the Board of Directors in June.
The MFF is expected to be approved in 2013.
As the business plan says, the first tranche worth $200 million is planned to be allocated in 2013.
The ADB has allocated roughly $255.4 million from its multitranche package for road construction worth $500 million, approved in August 2007. The first tranche worth $200 million was allocated for the construction of the Masalli-Astara road, and the second tranche ($55.4 million) was allocated for the reconstruction of Ganja ring road.
The bank intends to allocate additional $160-$170 million (third tranche) for Masalli-Astara.
Azerbaijan has been a member of the ADB since 1999. In early 2010, the credit portfolio across the country on 14 projects amounted to $660.4 million. During the period of cooperation, the ADB has also provided grants worth $13.122 million to the Azerbaijani government and local companies.
The 67-member ADB was established in 1966. Its headquarters are in Manila. Azerbaijan joined the ADB in December 1999 and its share in the bank's capital is 0.5 percent.
The ADB's leading shareholders Japan and the United States (31.2 percent), India and China (12.8 percent), Australia, and South Korea and Canada (16 percent).