Azerbaijan and ADB sign $ 400 mln loan agreements

Baku. 9 January. REPORT.AZ/ The Azerbaijani government and Asian Development Bank (ADB) have signed two loan agreements worth $ 400 mln.

Report informs, agreement was signed by finance minister Samir Sharifov on behalf of the government of Azerbaijan and by ADB Director for Azerbaijan Nariman Mannapbekov, on behalf of the ADB.

According to information, both loans intended for development of the railway sector in Azerbaijan. $150 mln loan on the first agreement will be spent on rehabilitation of the railway system, $ 250 mln loan on the second agreement on corporate restructuring of the railway office.

Notably, on December 1, 2017, the ADB Board of Directors has decided to allocate two-part loan with total cost of $ 400 million to "Azerbaijan Railways" CJSC. The Bank has also laid down condition on the measures to be implemented by "Azerbaijan Railways" until signing of the agreement. Under the conditions, the government should take certain steps in a number of areas, in particular environmental protection, employee security, infrastructure, area selection and others.

Notably, ADB has allocated a total of $ 3.65 billion to Azerbaijan within the framework of loans, grants and technical support programs so far.