WB to fund 3rd stage of Mil-Mughan collector construction

The second stage in construction of the Mil-Mughan collector has completed, chairman of the state committee for melioration and water economy Ahmad Ahmadzadeh told a news conference at the Yeni Azerbaijan Party HQs Friday.

The $9.4 million credit provided by the Islamic Development Bank (IDB) has been spent on construction of a 52.7km section of the collector. The third stage is to be funded by the WB, which has already allocated a $18 million credit to Azerbaijan.

Both WB and IDB credits have been provided with yearly interest rate of 0.75% for 30 years and repayment to commence in 7 years.*