Kuwaiti Fund to allot credit for reconstruction of Kurdamir-Ujar motorway
The Kuwaiti Fund for Economic Development has allocated 4.2m Kuwait dinars ($14.4m) for the implementation of the 46.2km Kurdamir-Ujar automobile road reconstruction project with the budget of $18.3m. The rest part financing will be provided by the government.
The Kuwaiti Fund has sent to the Azerbaijani government a draft credit agreement. The credit will be approved for 22 years with 4 years prolongation in payment and 2.5 rates a year. The construction work is scheduled for 2007. The two-stripe Kurdamir-Ujar road will be built in compliance with the feasibility study developed in 1999 at the expense of the Funds grant.