Azerbaijan, Baku / corr. Trend I.Khalilova / The visit from the specialists of the French bank BNP Paribas and Israeli Insurance Corporation of ASHRA to Azerbaijan has been postponed till the end of June, a source at the Finance Ministry of Azerbaijan stated. Initially their visit was scheduled for the 10-12 of June.
The purpose of the visit is to continue the talks with the Government of Azerbaijan on the current credit agreement on the project of the expansion of the motorway from Hajigabul to the Georgian border, resulting from two-lanes to four-lanes.
The Ministry announced that the bank stated its eagerness to present $400mln.
The loan is allocated for twenty years with a four year grace period and LIBOR of +0.75% rates. The Ministry requested to allocate the credit without LIBOR. The insurance services for the loan will be provided by ASHRA.
As a result from the talks in Baku, representatives from different ministries and administrations signed a protocol which will be submitted to the Cabinet of Ministers in the near future.
The funds will be used for the reconstruction of the Hajigabul-Yevlakh highway (184.8km) and Gazakh -Georgian border highway (38km).
The Transport Ministry reviewed a feasibility study on the basis of technical documentation developed within the framework of TACIS. A four-lane road has been constructed to Hajigabul , linking the rest of the highway to it.