Board of Directors of ABD to approve first credit for road project on 8 Dec

Business Materials 7 December 2005 18:46 (UTC +04:00)

The Board of Directors of the Asian Development (ADB) plans to approve a $52m credit for the project on construction of part of automobile roads Yevlakh вЂ" Ganja and Gazakh вЂ" Georgian border, Matthew Westfall, head of the Baku Office of the ADB, told Trend

“This is one of the important projects of roads in the west-east direction. Moreover, it will become a commencement of the financing by the Asian Bank the transport sector in Azerbaijan,” he said.

The Bank is going to finance the construction of the session o the two roads with the length of 77km. The share of the Azerbaijani government is the financing is 15%. The ADB funds will be used not only the reconstruction of Yevlakh-Ganja and Gazakh-Georgian border sections, as well as their upgrade inline with the world standards. The credit agreement can be concluded early next year, as it requires implementation of inner state procedures.

The project will be sanctioned from the second quarter of 2006, while it will be complete on 31 December 2009.