ADB sends Multitranche Financing Facility draft agreement for Phase 1 to Government of Azerbaijan

ADB sends Multitranche Financing Facility draft agreement for Phase 1 to Government of Azerbaijan
# 05 October 2007 09:55 (UTC +04:00)
A draft agreement for Phase 1 of ADB Multitranche Financing Facility (MFF) has been submitted the government of Azerbaijan, said the ADB Office in Baku.
On September 28 the Asian Development Bank’s (ADB) Board of Directors approved the Multitranche Financing Facility (MFF) for Azerbaijan which provides tranches to finance transport projects in the country.
“The draft has been submitted this week. The Cabinet is likely to approve it by the year-end,” said the ADB Office.
Azerbaijan’s Transport Ministry is selecting a consulting firm for the project. Construction is scheduled to commence in the 2008 mid-year.
The approval of the MFF project had been adjourned from August because of uncompleted talks on its different components lasted for about a month.
Out of the $500 million facility, for Phase 1 the ADB is to allocate $200 million, while the Azerbaijani government - $49 million for upgrading the Masally-Astara highway.
The feasibility study of the project prepared by the US Terra Company envisions constructing a new four-track road in parallel to the existing highway. /APA-Economics/

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THE OPERATION IS BEING PERFORMED