Successful bidder The Czech Company of ZS Brno, reconstruction of the section of the highway of Baku-Samur has launched the implementation of 19 per cent of all the works within the project to the sum of $12.2 m., the Ministry of Transport of Azerbaijan republic told Trend . The repair work will be carried out between 111-134 km of the highway of Baku Guba. The Company is also to build a detour road across the Town of Guba. Moreover, 9 bridges are expected to be constructed within the project. The closing date of the whole project on reconstruction of the highway of Baku - Guba is to be December 2008.
AzerInshaatServis is the subcontractor of this project. Czech Bank of Eximbank will be financing this project
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The implementation of the project on the reconstruction of the highway of Baku-Samur will be granted by the European Bank of Reconstruction and Development (EBRD) and the Czech Eximbank. The total volume of credit to be granted by EBRD is $100 m. This will be granted on standard terms and on a security of the Government of Azerbaijan and the money will be spent on repair work in the section of 28-89 km of the highway.
The rest of the 208-km highway will be repaired at the expense of the Czech Eximbank to grant a credit to the volume of $180 m. This credit will be syndicated. $102 m. out of the total volume is to be granted by Eximbank, and $78 m. by the French Bank of BNP Paribas. The credit will be granted within 15 years with 4-year grace period, and the interest rate of Libor+0.6 per cent.