Azeri Ministry of Industry and Energy, ADB sign technical cooperation letter
Azeri government today signed a technical cooperation letter with Asian Development Bank (ADB) for renewable energy source implementation project. Trend reports the document signing by Minister of Industry and Energy Natik Aliyev and ADBs country economist Philip Chang.
В"Azerbaijan is one of the most attractive countries in a view of renewable energy sources development. It is conditioned by the republics geographic location and climate conditionsВ", - Aliyev said.
The renewable energy source implementation program requires $900k, from which $500k is ADBs share, $200k Finnish governments and $200k Azerbaijans.
ADB is issuing a $40mln credit under the project in 2006. $25mln is issued on preferential terms and $15mln on usual terms.
The main goal of the project is to provide the countrys regions with renewable energy sources.