Asian Development Bank (ADB) will finance the construction of two local plants for biomass burning - in Aghjabadi and Oguz districts of the country. The loan of $ 40 million provides other options for developing alternative energy sources in Azerbaijan, - creating, for example, the heating system and a number of other projects.
According to the new Country Partnership Strategy in 2014-2018, ADB will invest in energy development in the aggregate $ 140 million, of which $ 100 million of investments are envisaged for the modernization of the electricity distribution system in the country.
Azerbaijan has been a member of ADB since 1999. From 1999 to early 2014 for the implementation of 20 projects in Azerbaijan, ADB approved loans totaling $ 1 billion 637.4 million, of which $ 697.5 million was used. --17D-
Economics
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The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
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