World Bank issues loan to overhaul highways in Azerbaijan

Agreement on a second additional financing worth $63 million has been signed with the International Development Association and loan agreement worth $112 million has been signed with the International Bank of Reconstruction and Development.

The total volume of loan is $258 million and additional financing worth $175 million envisaged by the agreement will be spent to develop communication between city centers in the area of Hajiqabul-Bahramtapa. 166-kilometers highway and 200 –kilometers local road will be overhauled as a part of the project.

The loan of the International Development Association has been issued for 20 years with a grace period of 10 years and loan issued by IBRD has been issued for 17 years with a grace period of 4 years.

/Trend Capital/