ADB postpones approval of loan for Azerbaijan

Baku, Azerbaijan, Jan. 11

By Maksim Tsurkov - Trend:

The Asian Development Bank (ADB) has postponed approval of allocation of the first tranche of the loan to improve power supply of Azerbaijan from February to March 2016, said the message of the bank posted on its website Jan.11.

The meeting, at which the issue of the project management was considered, was held December 11, 2015.

It is expected that the bank will approve the allocation of the first tranche to Azerbaijan March 7, 2016.

In May 2015, the Azerbaijani electricity distribution network operator Azerishig and ADB signed a memorandum of understanding on an investment program, stipulating the reconstruction and modernization of Azerbaijan's energy system.

Under the investment program's project, the ADB will allocate three tranches of $750 million ($250 million each trance), and the remaining $250 million will be allocated by the Azerbaijani government. These funds will be drawn within five years.

The allocated funds are planned to be used to upgrade the electricity distribution network, substations, improvement of services rendered to customers, replacement of existing counters with the digital ones, and the strengthening of human resource capacity of the Azerishig.

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) and so on.

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Follow the author on Twitter: @MaksimTsurkov

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