ADB approves $200m for Azerbaijan road projects
The Asian Development Bank has approved allocation of the third loan for road projects in Azerbaijan, worth $200 million, under its Multitranche Financing Facility, the ADB said on Friday.
The funds will be spent to continue construction of the four-lane Masally-Astara highway in southern Azerbaijan.
The disbursal of a fourth tranche in the amount of $44 million is due to be considered by ADB executives in 2012.
The bank has so far allocated $255.4m out of the $500m multitranche package, which was endorsed in August 2007.
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