The Asian Development Bank has approved the third loan within the framework of the Multitranche Financing Facility (MFF) for Azerbaijan’s Road Network Development Program, the bank reports.
The third tranche totals $200 million. The sum will be spent on reconstruction of the four-lane Masally-Astara motorway.
Approval of the fourth tranche, worth $44 million, will be considered in 2012. The road section for financing has not been chosen yet.
The first multitranche package was worth $500 million, approved in August 2007. $255.4 million of the sum has been issued already.
The first tranche, worth $200 million, was issued for the Masally-Astara motorway construction, the second, worth $55.4 million, was issued for reconstruction of the Ganja district road. Azerinshaatservice was chosen for construction of the first road section, tenders for the B and C sections are still in process.
Azerbaijan has been a member of the ADB since 1999. The ABD portfolio in the country is $680 million. The ABD has issued grants for the government and local companies worth $13.122 million.
