Czech company ZS Brno, which won a tender on the reconstruction of a section of Baku-Samur highway, has started the reconstruction work, the Azerbaijani Ministry of Transport told Trend.
The reconstruction work will take place in 111- 134km section of the Baku-Guba highway. The company will also build a road circling Guba city. Besides, 9 more bridges will be built in the framework of the project. Complete termination of Baku-Guba highway reconstruction is scheduled for the year 2008.
AzerInsaatServis will serve as a sub-contractor of the company. Czech Eximbank will provide a credit to finance the project.
Czech Eximbank and European Bank for Reconstruction and Development (EBRD) will provide a $100mln loan to finance the project of reconstruction of the Baku-Samur highway. The credit will be provided on standard conditions with the state guarantee. These finances would be spent on the reconstruction of the highway section from 28 to 89 km.
Eximbank will also approve a $180mln of credit to reconstruct the rest part of the 208km-highway. The Czech bank credit is syndicated.
Eximbank have provided $102mln out of the total amount of credit, while the French BNP Paribas will allocate $78mln. All credits are provided for the term of 15 years with beneficial period of four years and Libor+0.6%.