Azerbaijan, Baku /corr. I.Khalilova / The French bank BNP Paribas is continuing pause in the talks with the Government of Azerbaijan with regards to mitigation of the credit conditions for the project of expanding the highway from Hajigabul to the Georgian border from dual highway to dual-dual highway. The Transport Ministry of Azerbaijan reported that they intend to continue the talks only at the end of September and beginning of October.
The Finance Ministry of Azerbaijan insists on decreasing the rates for the credit from libor+0.75% to 0.75% per year. The Transport Ministry considers that the French bank will accept this proposal because the risks are planned to be insured via Israeli Insurance Corporation ASHRA whose representatives also participated in June talks. The bank stated its readiness to allocate $400mln credit for a period of 20 years with a 4-year grace period. The Transport Ministry considers it possible to sign a credit agreement by the end of the year.