Baku, August 11 (AZERTAC). A credit deal has been signed today between Azerbaijan`s Transport Ministry and the World Bank to fund the Third Main Road Project.

The document was signed by Azerbaijan`s Transport Minister Ziya Mammadov and WB Country Manager Joseph Owen.

The agreement covers $70-million International Development Association (IDA- member of the World Bank Group) and $171-million International Bank of Reconstruction and Development (IBRD – member of the World Bank Group) credits.

The purpose of the project is to extend Baku-Shamakhi highway from two to four strips and to enhance security and usefulness of the road.

The World Bank official said they started third phase of the WB assistance to the road sector of Azerbaijan. There are two approaches to the project: highway network and transit corridors and local roads within the regional development strategy.