WB to allocate $140M for highway construction in Azerbaijan (UPDATE)
details added (first version posted at 13:16)
Baku, Azerbaijan, Feb. 10
By Maksim Tsurkov - Trend:
The World Bank (WB) will take a decision on the allocation of additional funding worth $140 million for Azerbaijan to expand the Baku-Shamakhi highway until late June 2016, the WB's Baku office told Trend Feb. 10.
"The Azerbaijani government has made a formal request for getting the WB additional funding to expand the Baku-Shamakhi highway up to four lanes," the office said. "The decision will be taken by the end of the current fiscal year [WB's fiscal year will end June 30]."
The formal negotiations on the loan are expected to be held in March.
The Baku-Shamakhi highway is being reconstructed as part of the third main road reconstruction project.
"The third road project worth $356.15 million was approved in 2010. This project includes two areas. The first area concerns the reconstruction of the main road network of Azerbaijan and transit corridors, the second area - local roads being reconstructed as part of a regional development strategy. The Baku-Shamakhi-Muganli highway reconstruction project envisages its expansion from two to four lanes. The project will be implemented in September 2016.
As of February 1, 2016, WB allocated $241.6 million for the project.
Azerbaijan has been a WB member since 1992.
As of February 1, 2016, WB allocated the loans amounting to $3.785 billion to Azerbaijan. These funds were used to finance over 60 projects. By early 2016, Azerbaijan has used $2.764 billion or 73 percent of all loans drawn via WB. Besides the loans, WB delivered 45 grants totaling $41.586 million to Azerbaijan in 1995-2014.