ADB to assess road project in Azerbaijan

Business Materials 12 January 2012 17:43 (UTC +04:00)

Azerbaijan, Baku, Jan.12 / Trend N.Ismayilova /

An Asian Development Bank (ADB) mission led by transport specialist Reddy Bathula Balabhaskara will visit Baku to assess a project to reconstruct the Masalli-Astara road from Jan.17 to Jan.27, the ADB Baku Office told Trend on Thurdsday.

The ADB management approved the third loan within the Multitranche Financing Facility (MFF) for Road Network Development Program in Azerbaijan in late 2011. The third tranche of $200 million has already been approved. These funds will be allocated to continue the construction of the Masalli-Astara four-speed railway.

"The mission aims primarily at preparing for the implementation of this project as well solution of the question related to selection of contractor," the Bank said.

From $500 million of ADB multitranche package for the construction of roads, approved in August 2007, $455.4 million has already been allocated.

The first tranche of $200 million has been allocated to construct the road Masalli-Astara, the second (55.4 million) to reconstruct the Ganja circle road. Azerinsaatservis construction company was chosen to build the first section of the road and the tender procedure is still underway on the other two sites (B and C).

Azerbaijan is a member of ADB since 1999. The ADB's active credit portfolio reaches $700 million.

ADB was established in 1966 and has 67 members. The headquarters of the bank is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999. The country's participation share in the bank's capital is 0.5 percent.

Japan and the US (31.2 per cent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) are the ADB leading shareholders.