Azerbaijan and WB sign a new agreement

The Government of Azerbaijan and the International Bank for Reconstruction & Development, a member of the World Bank Group, have signed a loan agreement on the Regional Roads Development Project.

banks.az was informed at the Ministry of Finance that the document was signed by Finance Minister Samir Sharifov and WB Manager for Azerbaijan Sarah Michael. The loan amount was $65 million.

According to the Ministry of Finance, the funds will be directed for the reconstruction in accordance with the second technical category of existing highway Yenikend-Bilasuvar, which is an alternative to Aly-Astara-state border highway with Iran, as well as to improve the efficiency of roads and their safety, the quality of new road services, to create a model for managing roadside logistics and market infrastructure and to provide other technical assistance.

In May 2021 the WB Board of Directors approved the provision of a $65 million loan to Azerbaijan for the implementation of a new road project.

The loan finances are given for 11 years with 4-year grace period.