ADB to complete another project in Azerbaijan

Business Materials 16 December 2013 18:48 (UTC +04:00)

Baku, Azerbaijan, Dec. 16

By Abbas Akhundov - Trend:

The Asian Development Bank (ADB) will finish implementing an electricity transmission improvement project in Azerbaijan in late 2013, Head of ADB office in Baku Olly Norojono said at a press conference on Monday.

A two-contoured 220 -kilovolt power transmission line is planned to be constructed from the Mingachevir hydroelectric power station to the Absheron substation as part of the project.

ADB delivered a loan worth $ 160 million for the project implementation. The total cost of the project is $220 million.

The bank also assessed the completed project on construction of the Ganja by-pass road in 2013. The assessment showed that the project was successful. ADB spent $ 55.4 million to finance some operations as part of the road reconstruction and expansion project.

Moreover, ADB approved the third tranche of multi-tranche financing of the investment water supply and sewerage program in Azerbaijan worth $ 600 million in 2013.

The operations on reconstruction of the water supply and sewerage system in the Agjabadi region and the operations in the territory of Nakhchivan not covered by previous projects are to be conducted at the expense of the third tranche worth $ 150 million.

The bank provided Azerbaijani AccessBank with a loan worth $ 50 million to finance small and medium entrepreneurs as part of transactions with the private sector in 2013.

"ADB's active portfolio in Azerbaijan today is about $ 1.2 billion, while it was equal to $500 million in 2010," he said.

Translated by NH
Edited by CN