Azernews.Az

By Nigar Abbasova

The Asian Development Bank (ADB) made a decision on distribution of superfluous volume of funds provided by the financial institute for the implementation of certain road projects in the country.

Vice-President of the Bank Wencai Zhang said at a briefing in Baku that the excess financial means, saved from the five loans approved by the Bank, may be used for the financing of sub-projects within the investment program on the reconstruction of motor roads.

ADB Country Director for Azerbaijan Nariman Mannapbekov clarified that the sub-projects may cover the construction of roads adjacent to the main motor highways.

The Baku Office of the Bank earlier told Trend that some $30 million in tote from the five loans remained unused. Cost cutting appeared due to the changes in the currency market, namely the change of the manat rate against the USD.

ADB has already completed the funding within two investment programs for reconstruction of roads in Azerbaijan.

The first multi-tranche package worth $500 million was approved in 2007. The funds were directed to the construction of Masalli-Astara highway, as well as the reconstruction and expanding of the Ganja bypass road.

The second multi-tranche package was approved in November 2012 in the amount of $500 million. The program envisaged the construction of Masalli-Shorsulu highway (63 kilometers), consisting of two parts Masalli-Jalilabad (32.2 kilometers) and Jalilabad-Shorsulu (over 30 kilometers).

Azerbaijan became a member of ADB in 1999 while the country’s share in the bank’s capital amounts to 0.5 percent.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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