The chairman of "Azeravtoyol" OJSC, Saleh Mammadov met with Larisa Leshchenko, World Bank Country Manager for Azerbaijan related with the loan agreement on "Azerbaijan Highway 3 Additional Financing” project. The loan agreement has been signed by Saleh Mammadov and Larisa Leshchenko. The agreement envisages allocation of $140 million loan to Azerbaijan for the additional financing of the Baku-Shamakhi highway. According to loan agreement, the share of Azerbaijani government in this project will be $ 43.5 million.
The amount of loan is intended for financing of three component which includes upgrade of 15-45 and 91-107 km section of the Baku-Shamakhi from two-lane into four-lane motoway.
The Baku-Shamakhi highway also constitutes part of the shortest route to the Georgian border, and connects Baku with major agricultural producers in the west of Azerbaijan.
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