Credit for Kurdamir-Ujar highway to be approved

Business Materials 19 December 2005 13:55 (UTC +04:00)

The Board of Directors of the Kuwaiti Fund for Economic Development (KFED) is expected to approve the project on construction of the Kurdamir-Ujar highway from late December to early January 2006, the government told Trend.

The Kuwaiti Fund plans to finance 75% of the total value of the project, while the rest part will be allocated by the Azerbaijani government. The Kuwaiti Fund is ready to allocate $14m credit.

KFED usually grants credit for 20 years with 5-year grace period and 2% interest rate. The final terms will be determined after the approval of the credit.

The length of the Kurdamir-Ujar highway comprises 46 km. The highway is a section of the Baku-Georgian border highway.