Azerbaijan, Baku, Nov. 13 /Trend A.Akhundov/
The Azerbaijani government unable to see a specific project which would make it necessary to raise funds under the investment programme for urban transport Baku proposed by the Asian Development Bank (ADB).
This was reported to Trend on Tuesday by the government.
"ADB is offering this programme. 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, "the source said.
Financing of the investment programme 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 towards backing the development.
In September ADB approved the technical assistance for Azerbaijan to research the investment possibilities in financing urban transport in Baku.
Technical assistance was approved to the sum of $925,000 with $1.05 million being required to carry out the work. The signing date of the treaty and period of its start date has not yet been identified. The duration of technical assistance will expire on 30 June 2014.
'The Azerbaijani government, Ministry of Transport and the Baku Underground 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.