Finance

Finance

ADB confirms allocation of $200 mln to Azerbaijan

23 December 2011 11:00 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The Council of Directors of Asian Development Bank has confirmed allocation of the third tranche within the framework of Multitranche Financing Facility package of projects implemented in the system of highways of Azerbaijan, it was stated in the official website of the ADB.

The third tranche with total amount of $200 mln will be spent to continuation of construction of Masalli-Astara highway. The issue on allocation of 4th tranche on MFF will be considered at the Council of Directors next year. The amount of that tranche will be $44.6 mln.

Note that, the total amount of MFF makes $500 mln. The ADB allocated 2 tranches on the mentioned package.

Totally, for construction of Masalli-Astara highway, along with ADB, Azerbaijan also allocated $ 49 mln.

Construction of Ganja circular road is estimated at $ 73.9 mln. Remaining $18.5 mln will be allocated by Azerbaijani government.

Remind that, Azerbaijan has been in cooperation with ADB since 1992.