ADB sets to discussion of financing of transport corridor
A mission of the Asian Development Bank is on the visit to Azerbaijan to discuss the East-West transport project, the Baku Representation of the Bank told Trend.
вЂњThey hold negotiations with the Azerbaijani Transport ministry. During the negotiations the sides discuss opportunity of financing of the $52m part of the project,вЂќ the Baku representation of the Bank noted.
The Azerbaijani Cabinet of Ministers stressed that the negotiations concern financing of the sections Yevlakh-Ganja and Gazakh- Georgian border. All main issues on the projects have been solved. The total value of the project is expected to be approximately $52m, which will be regulated by the single credit agreement.
The total length of the highway comprises 520km, the total value - approximately $300m. The section of the highway Baku-Alat was reconstructed at expense of the $16m state fund in 2001, the work on the Alat-Hajigabul section was also completed at expense of the Islam Development Bank and the Kuwait Fund allocated $36m, the work on the Hajigabul-Kurdamir section started from May 2005 at expense of European Bank of Reconstruction and Development in the amount of $40m. The Kurdamir-Georgian border section will be financed at expense of the Islam Development Bank and Kuwait Fund.