World Bank to approve on 17 January 2006 loan for construction of second highway

Business Materials 15 December 2005 17:20 (UTC +04:00)

Approving of the loan for funding the construction of the second highway is planned at the sitting of the World Bank Board of Directors scheduled for 17 January 2006, the World Bank Baku office told Trend. According to the protocol, signed on the results of the talks between the Vice Premier Abid Sharifov and the head of the bank’s transport mission Olivier Le Ber, the bank is to allocate $200 million for financing the project, consisting of two sections: Alyat вЂ"Masalli and Baku-Shemaha вЂ"Mugan.

It will be the first tranche for the second highway. Missing funds for these two projects may be allocated in the framework of the second loan.

For funding the Alya-Masalli highway the bank plans to allocate totally about $230-240 million, Baku-Shemaha-Muganli вЂ" some $100 million.