ADB decides on distribution of saved funds in Azerbaijan
Baku, Azerbaijan, Nov. 15
By Anvar Mammadov – Trend:
The funds, which remained unused as part of the five loans approved for road projects in Azerbaijan can be used to finance sub-projects under the investment program for the reconstruction of highways, ADB Vice President Wencai Zhang said.
Zhang, who is responsible for operations in the ADB South Asia Department and the Central and West Asia Department, made the remarks Nov. 15 at a press conference in Baku.
ADB country director in Azerbaijan Nariman Mannapbekov said that these sub-projects can be directed to the construction of roads adjacent to the main highway.
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.