.jpg "Azerbaijan, WB sign loan agreement")
The agreement on Azerbaijan Highway 3 Additional Financing project was signed by company`s Chairman Saleh Mammadov and head of the WB Baku office Larisa Leshchenko.
The total cost of the project`s additional financing is $186.6 million, some $46.6 million of which will be allocated by the Azerbaijani government.
The WB`s total investments in Azerbaijan`s road projects stood at $1 billion.
The Additional Financing will finance remaining works to upgrade km 13.3 to km 107 of Baku-Shamakhi road to first category motorway. Km 13.3 to 15 and km 91 to 107 will be new construction and km 45 to 91 will be rehabilitation of existing lanes.
Azerbaijan joined the WB in 1992. During the cooperation period WB allocated over $3 billion to the country to implement more than 60 projects.
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