ADB to increase funding for road construction in Azerbaijan

Baku, Azerbaijan, Feb.24

By Ilaha Khalilova - Trend:

The Asian Development Bank (ADB) may increase the amount of the second loan as part of the new multi-tranche financing (MFF) for road construction in the country (Second Road Network Development Investment Program) up to $ 250 million, Baku's office of the bank told Tend on Feb. 24.

Some $ 150 million for a total project cost of $ 200 million was envisaged for the construction of the Salyan-Jalilabad road in the business plan for the bank's operations in Azerbaijan for 2014-2016. The business plan was approved in February.

"The final cost of the project will be determined upon the tender results, but the amount of the loan will presumably hit $250 million," the representative office said.

The loan is expected to be approved in 2014.

The second multi-tranche package for the construction of roads was approved in November 2012 to the sum of $500 million, as well as the first MFF. The program envisages the construction of the Masalli-Shorsulu highway to a length of 63 kilometers, consisting of two parts: Masalli-Jalilabad (32.2 kilometers) and Jalilabad-Shorsulu (over 30 kilometers). The cost of the project is $625 million, $125 million of which will be provided by the country's government.

Within the first tranche, the ADB allocated $250 million to build a four-lane Masalli-Jalilabad road. The total cost of the project amounted to $312 million, of which $62 million fell to the Azerbaijani government's share in the project. The loan agreement was signed in April 2013.

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

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia and South Korea and Canada (16 percent).

Translated by NH
Edited by CN

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