The Asian Development Bank approved the allocation of $45 million worth loan to finance the project for reconstruction of bridges on Agstafachay-Poylu-Georgian border highway, the bank said.
The loan will be spent on construction of four bridges (one railway viaduct and three bridges across the river).
The loan will cover only a part of the funds needed for implementing the mentioned works. The total cost of the project is $58 million.
The Agstafachay-Poylu-Georgian border highway was commissioned in January 2014 after reconstruction. The total length is 59 kilometers running with two lanes. The reconstruction of the road began in November 2011 and ended in December 2013. As a result of the reconstruction, the road was transferred from the third to the second technical category.
ADB loan funds are part of the last tranche of the first multitranche financing facility package intended for road financing. The multitranche package was approved in the amount of $500 million in August 2007. Around $400 million of this amount was allocated by ADB for construction of the Masalli-Astara road, while some $55.4 million was allocated for financing a part of works under the project for reconstruction and expansion of the Ganja circular road.
The ADB active credit portfolio in the country has reached $1.2 billion.
ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.