WB is Preparing to Present to Azeri Government Amendments to Credit Agreement on Second Highway of Azerbaijan

Business Materials 12 December 2006 19:31 (UTC +04:00)

The World Bank (WB) is preparing to present to the Azerbaijani Government the amendments to the credit agreement on the project for reconstruction of the second highway of Azerbaijan. The amendments were made due to the appeal of the Azerbaijani side to use part of the finances from this project for financing automobile road Kurdamir-Ujar, Trend reports with reference to the WB Baku Office.

Out of gross credit totaling $200 mln for the second highway, it is intended to spend $70 mln on the reconstruction of Kurdamir-Ujar road.

The principal agreement on this question has already been reached, and it only needs to approve it by adding the segment of the road to the credit agreement.

It is intended to finance the whole project at the expense of $70 mln. The credit amounting to $200 mln intended for the expansion and changing the route of the highways Alat-Masalli, and repairing Baku-Shamakhi-Mugan road. However, as the project has not been fully prepared, the credit still remains free.