Baku, Azerbaijan, Nov. 16
By Maksim Tsurkov - Trend:
The Asian Development Bank (ADB) will approve the allocation of $40 million for Azerbaijan to develop the alternative and renewable energy sources in August 2017, ADB said Nov. 16.
An ADB mission will visit Azerbaijan to gather information on the project on April 1-8, 2016, the statement said.
"The meeting on the project review will be held on May 27, 2016," the statement said. "The loan is expected to be finally approved on August 22, 2017."
The loan will be directed to promote the development of the renewable energy sources in Azerbaijan due to the implementation of two pilot projects on biomass processing with a total capacity of 16 megawatts to efficiently provide the Oguz and Agjabedi districts with electricity.
The project involves the construction of two power stations in the Oguz and Agjabedi districts, creation of the electric power systems, as well as the control over the project implementation, including the consulting services for the project supervision.
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
Since the beginning of cooperation, the Asian Development Bank has allocated over $1.6 billion to Azerbaijan to implement the projects in the sphere of road construction, energy, irrigation, improving water supply and sewerage systems.
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