Saudi Fund for Development approves credit for construction of Yevlakh-Ganja automobile road
The Board of Directors of the Saudi Fund for Development approved the 48.78m Saudi reals (appr. $13m) for the project on the construction of the Yevlakh-Ganja automobile road, the government told Trend.
Earlier, the Saudi Fund stated on its readiness to provide for financing the part of the Yevlakh-Ganja automobile route in the amount of $11m. At the terms of the Fund, the credit will be presented for 20 years with 4-year grace period and 2% interests.
The length of the Evlakh-Ganja highway is 88.km, 50km of which will be financed by the Saudi Fund and the Islamic Development Bank (IDB), which allocated a $10.4m loan.
The rest part of the road will be financed by the Asian Development Bank, which resolved to approve $52m in this section and construction of the Gazakh-Georgian border.