The reconstruction and modernisation of the Ujar-Zerdab-Agjabedi highway could cost $230 million, a source from Azeryolservis JSC of Azerbaijan Transport Ministry told on Friday.
According to the preliminary data, from the total funds, provided for the reconstruction of the highway, $150 million is expected to be attracted from international financial institutions.
"As the feasibility study of the project was prepared by the funds for technical support from the Islam Development Bank (IDB), it is possible that the credit will also be attracted from this financial institution," the source said.
The remaining finance will be provided by a government share in the project.
Currently a bank delegation is discussing this road project in Baku.
According to the source, in the event of a successful project preparation, construction work can begin in the second half of 2014 and completed in 2017.
The project covers work over a 76 kilometre section. As a result of the reconstruction of the two-lane highway the road can be promoted from a third to a second technical category level./Trend/