Azerbaijan, Baku / corr. Trend I.Khalilova / The Asian Development Bank (ADB) refused its initial requirement to Government of Azerbaijan regarding development of the Plan of purchase of lands in Lankaran-Masalli section until approval of the project of reconstruction of Masalli-Astara highway by ADB Board of Directors, a Government source stated. Due to it, even the Government of Azerbaijan was prepared to refuse the ADB credit for the project. During the recent consultations between the bank and Government of Azerbaijan, an agreement was reached to cancel the plan.
It provided an opportunity to schedule concluding talks on the credit agreement for 25-26 July.
This year, the board of directors of the Asian development bank (ADB) has intensions to approve a multitranche package worth $200 mln under the new project - Multitranche Financing Facility (MFF) and a credit agreement on the project of reconstruction of sections of the Highway - Massali-Astara.
The ADB credit resources will be partially ($190 mln) granted from the general resources of the bank (the period of the credit is 24 years with a four-year lax period, and under the interest rate of libor+0.6% per annum), and $10 mln - lax (the period of the credit is 32 years with a eight-hour lax period, and under the interest rate at 1% during the lax period, and 1.5% - during the remaining period).