Azerbaijan, Baku / corr Trend I.Khalilova / From 5 August, a mission of the Asian Development Bank (ADB) Transportation Department led by Hong Vang will be on a visit to Baku. The Baku office of the ADB announced that the visit will last until 9 August.
The key objective of the visit is to participate in the official talks on the framework project of Multitranche Financing Facility (MFF) and a credit agreement on the project of reconstruction of sections of the Highway - Massali-Astara.
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 $500mln 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 ($190mln) granted from the general resources of the bank (the period of the credit is twenty-four years with a four-year grace period, and under the interest rate of libor+0.6% per annum), and $10mln - grace (the period of the credit is thirty-two years with an eight-hour grace period, and under the interest rate at 1% during the grace period, and 1.5% during the remaining period).
The privileged part of the loan is allocated for the reconstruction of the secondary rural roads, connected to highways.
Under the MFF, the ADB plans to finance three road projects including Masally- Astara.
The feasibility study for the project has been devised by the American TERA Company.