ADB provides technical assistance in framework of II program to develop road network in Azerbaijan
Azerbaijan, Baku, April 24 /Trend A.Akhundov/
ADB approved the allocation of technical assistance in the amount of $225,000 to Azerbaijan in the frame of the second multitranche package (Multitranche Financing Facility - MFF) to develop the road network in the country (Second Road Network Development Program).
"Technical aspects of the selection and construction of road segments in this program will be checked for compliance with ADB, the economic and financial sustainability of projects will be evaluated, environmental assessment and other work carried out due to the assistance" the bank said.
The program worth $800 million is planned to be approved on September 28, 2012. The details will be considered from June 29 to July 13.
It is planned to finance the construction of a new four lane motorway between Alyat and Masalli within the Southern corridor; and the Ganja to Georgian border road widened to four lanes, East-West corridor and other operations through MFF.
The MFF first tranche to the amount of $100 million is expected to be approved on October 9, 2012.
About $500 million was allocated from the ADB multitranche package to construct the roads. The package was approved in August 2007. About $255.4 million have been allocated from these funds.
Azerbaijan is a member of ADB since 1999. The ADB's active credit portfolio reaches $680 million. The ADB has allocated grants amounted to $13.122 million to the Azerbaijan government and local companies during the period of cooperation.
The 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.