The Board of Directors of the Asian Development Bank (ADB) has approved a loan worth $ 250 million for the construction of the Masalli-Shorsulu highway.
The total cost of the project is $332 million, of which $82 million accounted for the country's share in the project, according to a statement posted on the ADB official website.
ADB has allocated funds remaining as part of the second multi-tranche financial package, intended for the construction of roads in the country, to implement this project.
The second multi-tranche package for the construction of roads was approved in November 2012 in the amount of $500 million, as well as the first MFF.
The 63 kilometer Masalli-Shorsulu highway consists of two parts: Masalli-Jalilabad (32.2 kilometers) and Jalilabad-Shorsulu (in Salyan region). The cost of the project is $625 million, $125 million of which will be provided by the country's government.
Within the first tranche, the ADB allocated $250 million to build a four-lane Masalli-Jalilabad road. The total cost of the project amounted to $312 million, of which $62 million fell to the Azerbaijani government's share in the project. The loan agreement was signed in April 2013.
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).