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Azerbaijan : ADB to go ahead with the fourth tranche of MFF Road Network Program.

The Asian Development Bank (ADB) will offer backing and funding for renovation of road and bridges. Previously the government requested the Bank to aid support for the project.

ADB office stated The sides already have a feasibility study of those works, and there are no technical obstacles for them. We re ready to use for financing the works the fourth tranche of new multi-tranche financing facility (MFF) Road Network Development Program. This tranche money should be spent before the end of this December. It imposes over us tough obligations on ensuring tranche approval by the ADB Board of Directors until the end of the year.

The tranche dimension will be $45 million as an ADB loan.

Previously the Bank delayed the authorization of the fourth tranche of the MFF of 2007 by the Board of Directors from 22 June 2012 for 22 June 2013.

Latest sanction for this $500 million project occurred on 14 December 2011, when the third tranche of $200 million was certified.

Simultaneously on 23 April 2013 the Azerbaijan Ministry of Transport and ADB inked a loan contract in Road Network Development Program, which was authorized by the Bank on 25 October 2012.

The capacity of lending within the program will be $500 million. The funding to be offered in two identical tranches of $250 million each. First tranche was given consent with the program and the second tranche is waiting for its consent planned for 13 October 2014.

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Publication:Mena Report
Date:Oct 30, 2013
Words:255
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