Azerbaijan, Baku / corr Trend I.Khalilova / The Government of Azerbaijan and the Asian Development Bank (ADB) have almost finalised talks regarding a multitranche loan for road projects in Azerbaijan to the amount of $500mln, the ADB Baku Office said. Next week the ADB will determine the terms of approval of a loan agreement on the project to reconstruct part of the highway and multitranche loan at the Board of Directors of the Bank.
"There is reason to believe that the Board of Directors will meet at the end of September," the ADB Baku Office said. Originally the meeting was scheduled for 28 August with talks then taking place by 9 August. But due to technical reasons, this was impossible and the meeting was re-scheduled.
Under MFF, the ADB plans to allocate $500mln to Azerbaijan to finance three road projects, including the reconstruction of the Masally-Astara Highway. So far, only one project has been coordinated and the ADB has allocated $200mln for its implementation.