World Bank approves $65m loan for road construction project in Azerbaijan
By Ayya Lmahamad
The World Bank has approved a loan worth $65 for a road construction project in Azerbaijan, the bank’s press service has reported.
According to the statement, the Bank’s Board of Directors approved a new $65 million loan to finance the Regional Connectivity and Development Project in Azerbaijan on May 20.
The project will provide safe, efficient and climate-resilient transport links and improve market accessibility along the Salyan-Bilasuvar road in the country.
As a result of this project, about 250,000 people living along this route will benefit from upgraded road infrastructure, improved economic opportunities and easier access to essential service facilities.
World Bank Country Manager for Azerbaijan Sarah Michael has said that this project will help Azerbaijan to achieve its national development priorities.
“With the World Bank’s support, the country is committed to ensuring this decade that the benefits of development are evenly distributed across all areas of Azerbaijan, to build inclusive and sustainable communities, tap the full potential of rural areas, and improve people’s skills,” the country manager added.
The project will finance three key areas. First, investment in roads and ancillary agricultural and logistics infrastructure, which will contribute to support connectivity and market accessibility. Second, the project will support financial sustainability and efficiency within the road sector. Third, the project will support the design and arrangement of roadside logistics and market facilities, and provision of skills training to local entrepreneurs.
Furthermore, the World Bank project team leader Nijat Valiyev underlined that the project will support aspects such as raised road embankments and the use of appropriate road materials to address climate vulnerabilities.
“It will also provide job opportunities, both during construction of the roads and during operation of roadside facilities that will contribute to the post-COVID19 recovery,” he said.
Azerbaijan joined the World Bank in 1992. Since then, the World Bank has financed over 50 projects with total commitments of $4.4 billion.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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