Azernews.Az

The Azerbaijani government says it is unable to see a specific project which would make it necessary to raise funds under the investment program for urban transport development in Baku proposed by the Asian Development Bank (ADB).

"ADB is offering this program. However, there isn't a particular project yet which would confirm a need the money for some specific work. This work hasn't been defined by anyone yet - neither the Ministry of Transport, nor the Ministry of Economic Development," a government source told Trend news agencyon Tuesday.

Financing of the investment program for the urban transport development project in Baku is noted in ADB's partnership strategy with Azerbaijan for the next three years.

According to the previously approved business plan of the bank on transactions in the country, negotiations in this area will begin in 2013 and ADB is planning to allocate $300 million to support the development.

In September, ADB approved technical assistance for Azerbaijan to study the investment possibilities in financing urban transport in Baku.

The technical assistance was approved to the sum of $925,000 with $1.05 million required to carry out the work. The signing date of the agreement and its start date have not yet been determined. The duration of the technical assistance will expire on June30, 2014.

'The Azerbaijani government, Ministry of Transport and the Baku Metro asked the ADB for support to improve public transport, as well as technical and financial assistance for the development of Baku's urban infrastructure and enhancement of its urban transport sector', the bank's office in Baku reported.