Azerbaijan, Baku, May 3 / Trend, N. Ismayilova /
The Abu Dhabi Fund for Development allocates $60.7 million to finance the building of a 760-megawatt thermal power plant Cenub, Economic Development Minister Shahin Mustafayev said today.
"A loan agreement is expected to be signed soon," Mustafayev said.
He said that the Abu Dhabi Fund for Development is an active participant in the implementation of infrastructure projects in Azerbaijan.
Previously, the Fund also allocated a loan worth $10 million for highway construction in Azerbaijan, Mustafayev said.
The project cost is 664.1 million euro. At the moment, 494 million euro have been approved.
Bayerische Landesbank, Societe Generale and Credit Suisse allocated 300 million euro for the project. The banks issued a loan under a state guarantee for 10 years. These resources will cover half of the construction costs.
The Islamic Development Bank approved 134 million euro in loans on Oct. 20, 2009. The station will operate with gas and fuel oil. The OPEC Board of Directors approved 20 million euro for Azerbaijan.
The Central Bank has allocated a long-term loan worth 300 million manat to Azerenerji to implement the project.
Cenub will operate with gas and fuel oil.
The official exchange rate is 0.7913 manat to $1 on May 3.