ADB may finance construction of four bridges in Azerbaijan
Azerbaijan, Baku, Oct. 30 /Trend E. Ismailov/
The funds remaining as a part of the Asian Development Bank's (ADB) first multitranche financing facility (MFF) for the construction of roads in Azerbaijan can be used for the reconstruction of bridges on the Aghstafa- Poylu-Georgia highway, Azeryolservis JSC of Azerbaijani Ministry of Transport told Trend on Wednesday.
Azeryolservis said that some $45 million out of the MFF, worth $500 million, remain unused. These funds are planned to be spent on the construction of four bridges (one railway overpass and three bridges over the river).
"Bridges are in a poor condition, and these credit resources will be sufficient to carry out works for their reconstruction and renewal," the source said.
According to him, a meeting with ADB's representatives should be held in November to settle the problem related to the funding of works proposed by Azerbaijan's Ministry of Transport by late 2013.
The length of the Aghstafa-Poylu-Georgia highway is 59 kilometres. The road belongs to the third technical category and has been in operation for a long time and therefore major repairs were launched on the highway in September 2011.
Some $400 million from the ADB's first MFF for road construction, approved in August 2007, has been allocated for the construction of Masalli-Astara highway, whereas some $55.4 million were allocated to financing of a part of the works under the project on reconstruction and expansion of Ganja circular road.
Azerbaijan has been a member of the ADB since 1999.
ADB's active loan portfolio in the country reaches $680 million, but the total amount of funds allocated by the bank exceeds $1 billion.
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 per cent.
The ADB's leading shareholders are Japan and the US (31.2 per cent of the total share capital), India and China (12.8 percent), and Australia, South Korea and Canada (16 percent).