Azernews.Az

By Aynur Jafarova

The Asian Development Bank (ADB) is set to finance a project to construct some bridges on Aghstafa-Poylu-Georgian border highway.

"The loan worth $45 million will be spent on construction of four bridges (one railway viaduct and three bridges across the river)," the bank said.

The loan will cover only some parts of the funds needed for mentioned project. The total cost of the project is estimated at $58 million.

The Aghstafa-Poylu-Georgian border highway was commissioned in January 2014. The total length of the highway is 59 kilometers running with two lanes. The construction of the road began in November 2011 and ended in December 2013. As a result of the construction, the road was transferred from the third to the second technical category.

ADB loan funds are part of the last tranche of the first multitranche financing facility package intended for road financing. The multitranche package was approved with $500 million in August 2007.

Around $400 million of this amount was allocated by ADB for construction of the Masalli-Astara road, while some $55.4 million was allocated for financing one part of the project for construction and expansion of the Ganja circular road.

The ADB active credit portfolio in the country has reached $1.2 billion.

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 U.S (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.