TODAY.AZ / Business

Asia Development Bank to pay for road construction

13 March 2006 [16:58] - TODAY.AZ
Asia Development Bank will pay $93 million capital for the construction of the road, from Yevlax-Ganja and Qazakh regions to the Georgian boundary.

As ANS reports, the works due to the project will be finished in 2010. Azerbaijan Government and Asia Development bank ended the negotiations about the money payment for the reconstruction of the Yevlakh-Ganja and Qazakh-Georgia roads.

The Bank would present the document to the Government next week, said Matthew Vestal, the head of Baku agency of Asia Bank. Then the credit agreement will be signed.

The head of the bank also stated that the main talks with the Government were connected with the percentage of the credit. Meanwhile, Azerbaijan Government will get two credits from Asia Bank for the reconstruction of the roads and the borderline services.

The credit of Asia Bank will cover more than half of the project, the total amount of which is $93 million. And the Government is going to pay the rest of the money by means of the credits, got from Islam Development Bank and Fund of Kuwait, as well as by means of its own capital.

The works according to the project will be fulfilled by the Road Transport Service Department of the Ministry of Transport, and the borderline services will be realized by the state customs committee. Meanwhile, this project is a part of the West-East main road, which connects the Caspian Sea with the Black Sea.


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