ADB discussing use of saved funds for Azerbaijani projects
Baku, Azerbaijan, Oct. 5
By Azad Hasanli – Trend:
The Asian Development Bank (ADB) and the Azerbaijani government are discussing the issue of distributing around $30 million which remained unused as part of the five loans approved for road projects in the country, the bank’s Baku office told Trend.
"At present, the possibility of spending these funds to finance any new project is being discussed," the message said.
According to the message, a decision on the issue is expected to be made after October 10.
The loan funds were saved as a result of changes in the exchange rate of the US dollar to Azerbaijani manat. The value of the work is indicated in manats in the contracts, while loans are issued in US dollars.
ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Azerbaijan became the ADB member on Dec. 22, 1999.
ADB finances the reconstruction of roads in Azerbaijan as part of two investment programs. The first multi-tranche package worth $500 million was approved in 2007. These funds were directed for the construction of Masalli-Astara highway, as well as for the reconstruction and expanding of the Ganja bypass road.
The second multi-tranche package was approved in November 2012 in the amount of $500 million. The program envisaged the construction of Masalli-Shorsulu highway.