WB approves loan for Baku-Shamakhi highway construction

The board of directors of the World Bank (WB) today approved an additional $140 million to fund the expansion of the Baku-Shamakhi highway.

The loan will be issued through the International Bank for Reconstruction and Development (IBRD), which is a part of the WB group.

The total additional funds for the project hit $186.6 million, $46.6 million are accounted for by the government’s share. 40% of the funds will be spent on restructuring and privatization of state-owned enterprises in this sphere.

WB’s total investments in Azerbaijan’s road projects (I, II, III road projects) amounted to $1 billion.

The funds will be used to carry out the remaining work as part of the additional funding.

Reconstruction of the Baku-Shamakhi highway is being carried out as part of the third project for rebuilding main roads, Trend reports.