WB to allocate $170m credit for Alat-Astara project

Business Materials 12 December 2005 15:00 (UTC +04:00)

The Azerbaijani government and the World Bank (WB) achieved an agreement on the first credit tranche for the project on construction and reconstruction of the Alat-Astara highway, the Azerbaijani Transport Ministry told Trend.

Such agreement was achieved as a result of the negotiations with the WB mission led by Olivier Le Berr in Bkau. The credit agreement is planned to be signed in early January 2006.

In accordance with the feasibility study, the length of the project was reduced approximately by 50 km and made up 192 km. The document was developed by the Ministry at expense of the Asian Development Bank (ADB).

The implementation of the Alat-Astara project requires around $400m. $300m will be allocated by WB, $40m - the Iranian government, the rest - ADB.