Azerbaijan may launch new road project next year
The project on reconstruction and modernization of the Ujar-Zerdab-Agjabedi highway could cost $230 million, a source in the Azeryolservis JSC of the Azerbaijani Transport Ministry told Trend.
According to the preliminary data, $150 million of the total funds provided for the reconstruction of the highway is expected to be attracted from international financial institutions.
"As the feasibility study of the project was developed through the funds issued by the Islamic Development Bank (IDB) for technical support, it is possible that the credit will also be attracted from this financial institution," the source said.
The remaining finance will be provided by a government share in the project.
Currently, the bank delegation is on a visit to Baku to mull the road project.
According to the source, in the event of a successful project preparation, construction work can begin in the second half of 2014 and completed in 2017.
The project covers work over a 76 kilometre section. As a result of the reconstruction of the two-lane highway the road can be promoted from a third to a second technical category level.