Azerbaijan, Baku, Dec.13 /Trend A.Akhundov/
The Asian Development Bank (ADB) will conduct a study to examine the possibility of introducing toll roads in Azerbaijan, head of the bank in the country Ollie Noroyono said at a press conference on Thursday.
"These works are carried out n the frame of the first tranche of multitranche financing (MFF) of Asian Development bank (ADB) for road construction in Azerbaijan. Consultants have already been selected and will soon start to work," Noroyono said.
He noted that the study will be completed by the end of nex year.
"It will be held in two directions: the financial aspects of the implementation of toll roads and legislative matters will be studied. Upon completion, we will discuss the results with the government of Azerbaijan," Noroyono said
Some $455.4 million from the first ADB multitranche package for the construction of roads in the amount of $ 500 million has already been allocated.
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.