Baku, Azerbaijan, Feb. 27
By Sara Israfilbayova – Trend:
Azerbaijan has used up 73.3 percent of the World Bank (WB) loan for the Third Road Project implemented in the country, Trend reports citing the report of the bank.
Some $38.33 million of the $101.67 million provided for in the third tranche were allocated as part of the project.
According to the report, the WB plans to complete the implementation of the Third Road Project by December 31, 2019.
"Significant progress has been made in ongoing road construction works along the M3 (Baku-Shamakhi-Yevlakh road) and M4 (Alat) motorways. As such, all four construction contracts along the M4 highway have been completed. Two sections of the M3 road were also opened for transport," the report says.
The project consists of three components: first is the improvement of the motorway, including the modernization of the 94-km section of the M4 Baku-Shamakhi road and the 48-km section of the M3 Yenikend-Shorsulu road to a four-lane highway. The second is supporting the reforms in the maintenance of the motorways (management and financing of highways in Azerbaijan). The third is managing the project and providing institutional support for CJSC Azerbaijan Highways, including technical assistance and financing additional costs for implementation of the project.
The total cost of all three tranches of the "Third Road Project" is $381.6 million.
This project consists of two directions. The first concerns the reconstruction of Azerbaijan’s trunk road network and transit corridors, with the second consists of the reconstruction of the local roads, reconstructed as part of the regional development strategy.
Azerbaijan joined the World Bank group in 1992. During this period, the bank allocated loans for over 50 projects in the country worth over $3 billion. Currently, seven more projects are being implemented worth about $1.5 billion. In addition to loans, the WB allocated 45 grants to Azerbaijan between 1995-2014, totaling at $41.586 million.
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