Azerbaijan, Baku, 23 July / Trend corr. I.Khalilova/ Azerbaijani Government applied to the World Bank (WB) to receive financing for reconstruction of road projects within the third and fourth highway (М-3 and М-4), Azerbaijan's Transport Ministry said on 21 July. A list of highways with the total length of 800km was presented to be bank.
Currently, the bank is financing two complementary projects. $200mln was allotted within the first projects on expansion and changing of the route of Alat-Masalli highway, as well as repair of Baku-Shamakhi-Mugan railway, which is connecting Baku with Azerbaijan's western regions. The credit was approved in 2006. The second credit ($300mln), which was approved in April 2008, envisages upgrading of the Alat-Masalli highway, rehabilitation of the Kurdamir-Ujar section, Baku-Georgia highway, Baku-Shamakhi highway, reconstruction of Tagiyev settlement-Sahil highway (bypassing Baku) and rehabilitation of several attached highways.
The key goal of the project is to cut the cost of road and transport projects and to improve access, transit and road security through upgrading and rehabilitation of selected sections and operating corridors East-West and North-South.
WB finances the infrastructural projects via International Bank of Reconstruction and Development (for 20 years with preferential period of 4 years and libor+0.5% rate).
On 21 July, official exchange rate totalled 0.8056 AZN/USD