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Azerbaijan and World Bank reach $242-million credit deal

11 August 2010 15:25 (UTC +04:00)

Minister of Transport of Azerbaijan Ziya Mammadov and World Bank manager on Azerbaijan Josef Owen signed the agreement, APA-Economics reports.

The agreement covers $70-million International Development Association (IDA- member of the World Bank Group) and $171-million International Bank of Reconstruction and Development (IBRD â€“ member of the World Bank Group) credits.

The project aims to extend Baku-Shamakhi highway from two to four strips and to enhance security and usefulness of the road.

The World Bank official said they started third phase of the WB assistance to the road sector of Azerbaijan. There are two approaches to the project: highway network and transit corridors and local roads within the regional development strategy.

Azerbaijan joined the World Bank in 1992. The World Bank approved 42 projects of $2.237 billion for Azerbaijan so far.