The loan agreement was signed by the Azerbaijani Finance Minister Samir Sharifov and WB Regional Manager for Azerbaijan Sarah Michael.
The Azerbaijani government and the International Bank for Reconstruction and Development (IBRD) which is a member of the World Bank (WB) group, signed a loan agreement worth $65 million on October 27, Trend reports citing the Azerbaijani Finance Ministry.
The document was signed by the Azerbaijani Finance Minister Samir Sharifov and WB Regional Manager for Azerbaijan Sarah Michael.
According to the Ministry of Finance, the loan funds will be used to reconstruct the Yenikand-Bilasuvar section of the Alat-Astara-state border with Iran highway, create a model to ensure the efficiency and safety of this road, improve the quality of new road services, manage logistics and market infrastructure in the territories along which it passes track and other types of technical assistance.
“The implementation of the project will ensure safe and efficient transportation in the direction of Salyan-Bilasuvar in the south of Azerbaijan and will improve access to markets. People living along this route will have access to improved road infrastructure, economic opportunities and key service facilities,” the message said.
Azerbaijan has been cooperating with the WB since 1992. During this period, the bank allocated a total of $4 billion for projects implemented by Azerbaijan.