Between 2016 and 2018 Asian Development Bank (ADB) plans to allot about $790 million for the energy projects in Azerbaijan.
According to the business plan approved yesterday, the finance will be allocated for the projects of development of electric energy distribution system and the system of renewable sources of power.
ADB plans to allot $250 million a year for development of the electric distribution network (Azerishig) and technical assistance worth $800,000 for development of ADB project. The share of the government in the project totals $75 million in 2016, $85 million in 2017 and $90 million in 2018.
The first credit to the amount of $40 million for the renewable sources of power is included into the business plan for 2018. The government’s share in this project totals $13 million.
The Azerbaijani government has reached a mutual understanding with ADB to allot the credit to fund the electric energy sector of the country in early May 2015.—0—
Economics
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