Azerbaijan, WB sign new loan agreement worth $65 million

The government of Azerbaijan and the International Bank for Reconstruction and Development, one of the five organizations of the World Bank Group, have signed a loan agreement on the Regional Roads and Development Project, Report informs, citing the Finance Ministry.

The loan agreement worth $65 million was signed by Finance Minister Samir Sharifov and World Bank Country Manager for Azerbaijan Sarah Michael.

The loan will be channeled into the reconstruction of the existing Yenikand-Bilasuvar section, an alternative to the Alat-Astara-Iran border highway, in accordance with the second technical category, improvement of road efficiency, safety, quality of new road services, the creation of a model for road logistics, market infrastructure management, and other technical assistance issues. Once the project is completed, it will provide a safe, efficient, and climate-friendly transport connection along the Salyan-Bilasuvar road in the south of the country and improve market access. People living along this route will have easy access to improved road infrastructure, economic opportunities, and key service facilities.

The signing ceremony praised the World Bank Group's continued support for development projects in Azerbaijan. Expressing satisfaction with the long-term and strategic partnership between Azerbaijan and the World Bank, Samir Sharifov noted the bank's financial support for a number of important projects implemented by the government. The minister said that the purpose of the project, which will be co-financed by the World Bank, is to ensure safe, efficient, and sustainable movement along the Salyan-Bilasuvar highway against climate change.

Stressing that the cooperation between the World Bank and Azerbaijan as reliable partners will continue successfully, Sarah Michael expressed confidence that the new project will help Azerbaijan achieve its national development priorities.

Azerbaijan has been cooperating with the World Bank since 1992. During this period, the bank has allocated a total of $4 billion for projects implemented by Azerbaijan.