Azerbaijan, Baku, November 10 / Trend, I. Khalilova /
The Islamic Bank for Development (IBD) plans to conclude the final option of the grant agreement of the refurbishment project of the Zardab-Udjar-Agjabedi motorway with the Government of Azerbaijan in November, the IBD Baku Office told Trend on Thursday.
The IBD this summer approved a $294,000 grant to Azerbaijan as technical assistance with the preparation of a feasibility study of the road project.
"Interstate grant agreement accordance procedures have already been completed, and powers have been provided to sign it," the IBD Office reported.
The project will be financed under the new programme of cooperation between the IBD and Azerbaijan for 2011-2013. However the exact value of the grant will be calculated after the feasibility study is completed.
Azerbaijan has been a member of the IBD since 1992 and the IBD portfolio of credits to Azerbaijan is currently equivalent to $700 million, which were approved for the implementation of different economic projects.