Рђzerbaijan and World Bank signed loan agreement for implementation of II stage of the SCADA introduction project
The government of Azerbaijan and the International Bank for Reconstruction and Development (IBRD, a structure of the World Bank) signed a credit agreement on 8 November in Baku for implementation of the second stage of the SCADA introduction project, which will enhance reliability and the quality of the power supply and the industrial objects. The loan agreement was signed by the first deputy Prime Minister of the country Yagub Eyubova and the World Bank director on South Caucasus Donna Dauset-Coyrolo.
The size of the credit is $48 million and it is the first, allocated to Azerbaijan under IBRD terms, Trend reports. The time period of the loan is 20 years with the 8-year privileged period (LIBOR +0,5%).
As Eyubov stated during the signing that Azerbaijan collaborates with the World Bank since 1992 and in 1995 the first loan for the Baku water supply system project was allocated. В"The loan agreements have been signed with the World Bank by the moment on 24 projects for the total amount of $655,8 million, from which 9 projects have been completed already. From the total amount of credits $241,3 million has been allocated for rehabilitation of the countryвЂ™s economy and the institutional development, $414,5 million вЂ" for other projects. В"Within the assistance strategy to the country during 2006-2009 Azerbaijan will be allocated per $300 million annually. Totally $1,2 billion will be assigned, from which $250 million will be directed to energy and gas sectorsвЂќ, Eyubov said.
Dona Dauset- Coyrolo said, introduction of the SCADA system will enable to increase the efficiency of the energy system operation, to liquidate operatively breakdowns, to reduce losses and save the standard fuel. The automated operational control system to be introduced in Azerbaijan in 2006-2008 will be the most up-to-date in Europe and the CIS countries.