ECONOMY
EBRD AND TRANSPORT MINISTRY INK CREDIT AGREEMENT
The agreement was signed by Transport Minister Ziya Mammadov and head of EBRD Baku office Raymond Conway. During the signing ceremony, Minister Ziya Mammadov noted that the works to restore the Great Silk Highway are underway.
The negotiations with the European Bank for Reconstruction and Development were successfully competed under the guidance of Azerbaijan President Ilham Aliyev. The 5-year credit agreement is worth $41 million. The agreement provides for reconstruction of the Hacigabul-Kurdamir encircling road. All the works will be implemented by the Ministry’s “Yolnegliyyatservis” department.
Reportedly, the negotiations related to construction of the Kurdamir-Ucar, Yevlakh-Ganja and Gazakh-Georgia parts of the road are continuing. $250 million are scheduled to be spent on road construction until 2007.