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.
