Azerbaijan to receive credit worth $332 million for electric energy development

From 2015 to 2017 the Asian Development Bank (ADB) will allot Azerbaijan credit worth $518 million for development of energy and transport infrastructure, reads the statement posted on the ADB web site.

The same source reported that the above-mentioned credit will be allocated as a part of the business plan of Azerbaijan’s operations in 2015-2017.

Therefore, from 2015 to 2017 ADB to fund the electric energy distribution development project in Azerbaijan worth $332 million, of which $250 million will be allotted by ADB and the remaining part will be funded by the Azerbaijani government itself.

In 2016-2017 Azerbaijan and ADB will implement the project of development of renewable sources of power worth $53 million. ADB will allot $40 million for this project, said the same source.

Between 2015 and 2017 Azerbaijan and ADB will implement the project for development of road transport network worth $133 million, of which $100 million will be ADB’s credit and the remaining amount will be allocated by the Azerbaijani government.

On February 10, 2015 Azerishig open-type JSC was created in Azerbaijan on the basis of Baku-based state energy Distribution Company. The newly created company will be in charge of energy distribution throughout Azerbaijan. Judging by all, a new credit from ADB is needed to upgrade the distribution networks in the regions.—0—