WB, ADB ready to increase loans for Alat-Astara highway
Azerbaijan is not satisfied with the terms of the loan to be allocated by Iran for financing of the project on reconstruction of a part of the Alat-Astara highway, the Azerbaijani Transport Ministry told Trend.
Iran intends to allocate $40m loan. Earlier Iran presented $2m grant for drawing up of feasibility study of the project, which is practically completed.
If Iran does not change the terms of the loan, Azerbaijan can refuse from it, the Ministry stressed.
The total value of the project is estimated at approximately $350m. $200m will be presented by the World Bank (WB), $100m - the Asian Development Bank (ADB). The same section from Alat to Masally will be reconstructed at the expense of the funds by WB, Masally-Astara - ADB.
The banks are ready to increase the loans in case of need, the Ministry noted.