...

Signing Date of Credit Agreement on Reconstruction of Highway between Yevlakh, Ganja and Gazakh Georgian Border

Business Materials 20 May 2006 15:52 (UTC +04:00)

By the end of May, 2006, the Azerbaijani Transport Ministry and Asian Development Bank (ADB) are expected to sign a credit agreement connected with the project Reconstruction of two final parts of the west-east highway between Yevlakh, Ganja and Gazakh border of Georgia, ADB Baku office informed Trend.

The government will receive two credits for this project for the reconstruction of roads and for financing the boundary service components. ADB has disbursed $49m credit to the first one from its common credit resources (for 24 years, with 4-year grace period and annual interest libor+0,08%), and to the second one - $3m lax credit from Asian Development Fund (for 32 years, with 8-year grace period, and annual interest 1% within grace period, but 1,5% after grace period).

The credit of ADB forms 55,8% (%52m) of the total cost of the project that amounts to $93,2m. The remaining part of the finance will be realized on account of Islamic Development Bank ($10,4m), Saudi Development Fund ($11m), and the Azerbaijani government ($19,8m).

Latest

Latest