ADB ready to provide loan for reconstruction of four bridges in Azerbaijan

Business Materials 17 December 2013 14:19 (UTC +04:00)

Baku, Azerbaijan, Dec.17
Abbas Akhundov - Trend:

The Asian Development Bank (ADB) is discussing with the Azerbaijani government the conditions of the last, fourth loan within a multi-tranche financing facility (MFF) for investment in the development of the road network, the head of ADB's Baku office Olli Norojono said at the press-conference on Dec.16.

Olli Norojono said the loan worth $45 million will be directed to the reconstruction of four bridges at the Aghstafa-Poylu-Georgia highway and local roads in Ganja.

"The bank is ready to provide the loan already," Norojono said.

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).

Translated by M.L.

Edited by C.N.