WB Agreed to Finance Reconstruction of Kurdamir-Ujar Automobile Road

Business Materials 26 December 2006 16:18 (UTC +04:00)

The World Bank gave an official permit to use part of finances for the project of reconstruction of Kurdamir-Ujar automobile road. The Government of Azerbaijan asked to allocate $70 mln for the reconstruction of this section, Trend reports with reference to the Cabinet of Ministers of Azerbaijan.

The WB agreed to allocate the finances in two tranches. Initially it is intended to construct a dual highway, and after the preparation of the feasibility study, the remaining finances will be allocated for the construction of two more dual highways. The Kurdamir-Ujar automobile road is 46,2 km in length. Earlier, the project had been estimated at $18,3 mln, but it became more expensive due to the price increase for the construction materials.

The Azerbaijan government offered the World Bank to finance this section of the road after the participation refusal of the Kuwait Fund of Economic Development. The amount of the credit of Kuwait Fund equaled to $14,4 mln.