Azerbaijan, ADB sign $ 200 million road construction deal

The Azerbaijani government and the Asian Development Bank (ADB) signed an agreement today in Baku on the second loan worth $ 200 million for the construction of a road which will unite Masalli and Astara, Trend reports. The agreement was signed by the Minister of Transport, Ziya Mammadov and the head of the Baku office of the bank, Ollie Noroyono.

Under the agreement, the loan is granted for 24 years on preferential terms.

The funding of the road project is carried out from the multitranche pack (Multitranche Financing Facility) for road projects in Azerbaijan in the amount of $ 500 million, approved in August 2007.