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Azerbaijan, ADB discuss Multitranche Facility

11 June 2007 12:19 (UTC +04:00)

The Asian Development Bank and the Government of Azerbaijan are discussing a multitranche financing facility (MFF). The ADB Project Economist Hong Wang has led a mission to the country to have discussion with the Transport Ministry, Transport Service department, Finance Ministry, Economic Development Ministry and other relevant government agencies, the ADB Office told APA-Economics.
At the first phase, $190 million will be allocated for construction of Masally-Astara Highway. It is also planned to construct a four-track expressway parallel to Masally-Astara Road. The ADB will lend $20 million at concessional terms and the rest $170 million at Libor+0.6.
He project will be financed within the scope of a proposed MFF for the transport sector amounting to $500 million to help develop the road network in Azerbaijan. /APA-Economics/