WB to provide a $450 million loan to Azerbaijan for road restorin

The World Bank will provide a $450 million loan to Azerbaijan for road restoring, issued the WB Baku Office.

In general, the total cost of the current road restoring project is $673 million, of this $223 million will be directed by government. The project includes some works on Baku-Boyuk-Kesik road section, in particular, shifting it from DC to AC, then 50 new locomotives will be bought, and other supporting programs will be implemented for Azerbaijani national transport company.

Azerbaijani government and the World Bank signed an agreement Friday on $450 million loan to Azerbaijan, repayable in 17 years, with a four-year grace period. Since 1992, the WB has provided Azerbaijan with $ 2.7 billion since for 52 various projects.