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ADB again postpones loan approval for Azerbaijan

Economy Materials 27 May 2016 19:09 (UTC +04:00)
The Asian Development Bank (ADB) has again postponed approval of allocation of the first tranche of a loan for improvement of power supply in Azerbaijan

Baku, Azerbaijan, May 27

By Maksim Tsurkov - Trend:

The Asian Development Bank (ADB) has again postponed approval of allocation of the first tranche of a loan for improvement of power supply in Azerbaijan, said ADB in a message posted on its website May 27.

ADB is expected to approve the first tranche allocation to Azerbaijan on June 21, 2016.

"Accordingly, the investment program for the development project of electricity distribution networks in Azerbaijan will be approved June 14, 2016," the message said.

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, the ADB is to allocate three tranches of $750 million ($250 million each tranche), and the remaining $250 million will be allocated by the Azerbaijani government.

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

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