Azerbaijan, Baku / corr Trend I.Khalilova / The visit from the specialists of the French bank BNP Paribas and Israeli Insurance Corporation of ASHRA to Azerbaijan has been scheduled for25 June, a source at the Finance Ministry of Azerbaijan stated. Initially their visit was scheduled for the 10-12 of June.
The purpose of the visit is to continue the talks with the Government of Azerbaijan on the current credit agreement on the project of the expansion of the motorway from Hajigabul to the Georgian border, resulting from two-lanes to four-lanes.
The discussions were held on the protocol developed by the Finance Ministry with the consideration proposals by other Ministries.
Azerbaijan asks for simplification of the credit terms. The Ministry announced that the bank stated its eagerness to present $400mln.
The loan is allocated for twenty years with a four year grace period and LIBOR of +0.75% rates. The Ministry requested to allocate the credit without LIBOR. The insurance services for the loan will be provided by ASHRA.
Moreover, the section of the road to be constructed through financing by the BNP Paribas will also defined.
The funds will be used for the reconstruction of the Hajigabul-Yevlakh highway (184.8km) and Gazakh -Georgian border highway (38km).
The Transport Ministry reviewed a feasibility study on the basis of technical documentation developed within the framework of TACIS. A four-lane road has been constructed to Hajigabul, linking the rest of the highway to it.
