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Construction of road under European Bank's credit scheduled to summer

Business Materials 24 April 2006 18:07 (UTC +04:00)

Reconstruction of a section of Baku-Samur highway under the credit issued by European Bank for Reconstruction and Development is scheduled to summer, Trend reports with reference to Yolngaliyatservis department of Transport Ministry of Azerbaijan. At the moment the tender is conducted in order to identify the contractor under the project.

Funds for the project are issued by European Bank for Reconstruction and Development and В"EksimbankВ" of Czechia. EBRDs credit amounts $100mln. The credit is issued at standard term under the governmental security. The credit will be spent for the highway reconstruction at the section from 28th to 89th kilometer. The rest of the highway with total length 208 km will be repaired at В"EksimbankВ" cost as the bank issued a $180mln credit. This credit is provided for 15-year period with period of grace 4 years and percentage rate Libor+0.6%.

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