Azerbaijan, Baku, Sept.5 / Trend, N.Ismayilova /
Date has been set to approve the third and fourth tranches within Multitranche Financing Facility (MFF) for road projects in Azerbaijan (Road Network Development Program) by the Board of Directors of the Asian Development Bank, the ADB said.
Approval of the third tranche worth $200 million is expected to be reviewed on Sept.28, 2011, while the fourth tranche worth $44.6 million - on Nov.10, 2012.
The funds allocated within the third tranche will be directed at financing the construction of the sectors B and C with four-lane highway Masalli-Astara.
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).