BAKU, Azerbaijan, Feb. 13
By Nargiz Sadikhova - Trend:
Eurasian Development Bank (EDB) has signed an agreement within the framework of which it will allocate $95 million to fund the project of construction of Big Almaty Ring Road (BAKAD) in Kazakhstan, Trend reports with reference to the press office of EDB.
The project’s funding will be implemented by Eurasian Bank for Reconstruction and Development, Eurasian Development Bank, and Islamic Development Bank.
The BAKAD project is being implemented on concession agreement between Kazakhstan’s Ministry of Industry and Infrastructural Development and a consortium of four companies: Alsim Alarko Sanayi Tesisleri ve Ticaret A.Ş., Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş., SK Engineering & Construction Co., Ltd. и Korea Expressway Corporation.
Construction of BAKAD is expected to redistribute traffic load of Almaty road network and the suburban area, provide that transit cars do not enter the city, improve the transport service, decrease the negative environmental impact of road transport, increase operational speed and improve safety of transport vehicles.
The road will be 66 kilometers long. Within the framework of the project’s implementation bridges, interchanges, toll booths, and other necessary infrastructure will be constructed.
The Eurasian Development Bank is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment.
The Bank was founded by an international treaty – the Agreement Establishing the Eurasian Development Bank- signed by the authorized representatives of the Governments of the Russia and Kazakhstan.
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