ADB to provide $500M to Azerbaijan for development of water, urban infrastructure
Baku, Azerbaijan, Apr. 10
By Azad Hasanli - Trend:
The Asian Development Bank (ADB) will provide $500 million to Azerbaijan for the development of water and urban infrastructure in 2015-2017, said the message of the bank.
These funds will be allocated as part of the business plan for operations in Azerbaijan in 2015-2017.
In 2015, ADB will finance two projects in Azerbaijan in this sphere, i.e. "Water Supply and Sanitation Investment Program" and "Baku-Sumgayit Commuter Rail Service Project."
Some $100 million will be allocated for the implementation of the first project, some $75 million of which account for ADB loan, and the rest accounts for own funds of Azerbaijani government.
Azerbaijan and ADB will implement one project in the field of water and urban infrastructure in 2016, i.e. "Solid Waste Management Project for Intermediary Cities", for which some $67 million will be allocated. ADB loan accounts for the main part of the funds ($50 million).
It is planned to finance the "Second Water Supply and Sanitation Investment Program" for 2017.
The total project cost is $133 million, some $100 million of which account for the funds of the Asian Development Bank.
ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.
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