The Baku ring road project became two times more expensive, deputy Transport Minister of Azerbaijan Musa Panahov said in a statement, Trend reports.
According to him, the Transport Ministry identified the project’s cost and it is estimated now at over $50 million. Earlier it was supposed its’ implementation will require $28,5 million. The rise in the project’s cost is related to the change of the highway’s design. At the result the length of the route increased for 5 km and is now 26 km.
The Azerbaijani side has already signed the relevant loan agreements on the project funding: the Kuwait Fund will allocate $14,6 million, the Abu-Dabi Fund - $10 million. The rest part will be provided by the government of Azerbaijan. The Funds specified allocated credits for 32 years under 2,5%.
According to Panahov, Azerbaijan is ready to cover the deficient amount by own resources.