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WB plans to issue loan to finance another road project in Azerbaijan

Finance Materials 8 May 2021 20:53 (UTC +04:00)
WB plans to issue loan to finance another road project in Azerbaijan

BAKU, Azerbaijan, May 8

By Zeyni Jafarov - Trend:

The World Bank (WB) plans to issue a loan in the amount of $65 million to implement the project to improve Azerbaijan’s Salyan-Bilasuvar road, the total cost of which is $95.9 million, Trend reports referring to the WB.

The Board of Directors will consider the "Development of Regional Relations" road project on May 20, 2021. The project is expected to be implemented by the State Agency of Azerbaijan Automobile Roads by late March 2026.

As a result of the project implementation, this road will be used by more than 100,000 people. Moreover, operating costs for medium-sized trucks are expected to decrease up to 11 percent.

In general, the WB has allocated a loan worth $1.1 billion since 2001 to Azerbaijan for three projects to reconstruct highways.

Azerbaijan has been cooperating with the WB since 1992. To date, the WB has allocated the loans to Azerbaijan worth $3.5 billion for the implementation of more than 50 projects, as a result of which Azerbaijan entered the list of 20 most reforming countries according to the WB in 2019.

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