On August 7, the mission of Asian Development Bank (ADB) headed by road project economist Hong Bang started its visit to Baku. During the four-day visit the experts of ADB will get familiar with the preparation of the feasibility study of the project for reconstruction of highway of Masalli-Astara, Trend reports with reference to ADB Baku office.
The primary goal of the visit is to discuss the preliminary report, in which the government will be submitted proposals regarding the development of the road infrastructure of local importance.
ADB has disbursed $700 thousand for the preparation of the feasibility study. After preparation of the project, ADB announced its readiness to allocate $100 mln credit.
The World Bank (WB) has already presented $200 mln to finance the part of the auto-road from Alyati to Shorsulu and Baku-Shamakhi-Mugan. The Iranian Bank also intends to participate in the project by allocating $40 mln.
Besides, the road mission will discuss the project of reconstruction of road of Yevlakh-Ganja and Gazakh-Georgian border. The credit amounting to $52 mln hasnt taken effect due to internal state procedure (ratification in the parliament), but the preparation is being carried out for the realization of the project.
The ADB consist of two parts for the reconstruction of roads and components of boundary service. The first component will be allocated a credit totaling $49 mln (for 24 years, with 4-year period of grace and annually libor+1%), and the second - $3 mln credit from ADB (for 32 years, with 8- year period of grace and annually interest rate 1% within period of grace, but 1.5% over remaining period).