Azerbaijan, ADB to sign new loan agreement

Azerbaijan, ADB to sign new loan agreement
# 14 August 2008 09:28 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Representatives from Azerbaijan’s Ministry of Transport and Asian Development Bank held discussion and signed a protocol on a new loan agreement for the proposed the East-West Highway Improvement Project.
Musa Panahov, Deputy Minister of Transport, said Azerbaijan had previously signed a Multitranche Financing Facility (MFF) framework agreement that provides tranches to finance transport projects in the country.
The project that envisions rehabilitation of 39km two-lane road as part of the East-West Highway from Baku to Georgian borer will also strengthen Azerbaijan’s transport links to Georgia with an aim to promote regional cooperation
The project is estimated to cost $73.9 million, $18.5 million of which will be provided by the Government of Azerbaijan.
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THE OPERATION IS BEING PERFORMED