Date of Official Talks on ADB’s Multitranche Financing Facility Project in Azerbaijan Postponed
Azerbaijan, Baku / corr. Trend I.Khalilova / The Government of Azerbaijan and Asian Development Bank (ADB) will hold official talks in Baku on 7 August with regards to the framework project of Multitranche Financing Facility (MFF) and a credit agreement on the project of reconstruction of sections of the Highway - Massali-Astara, a source stated at the Transport Ministry of Azerbaijan on 28 August. Earlier the talks were scheduled for 25-26 July.
From the Azerbaijani side, the group of talks is headed by Vice Prime Minister, Abid Sharifov. This year, the board of directors of the Asian development bank (ADB) has intensions to approve a multitranche package worth $500 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). The feasibility study for the project has been devised by the American TERA Company.