ADB to allocate $518M to Azerbaijan for energy and transport developmen
Baku, Azerbaijan, April 10
By Anvar Mammadov - Trend:
The Asian Development Bank (ADB) will allocate $518 million to Azerbaijan for the development of the energy and transport infrastructure in 2015-2017, ADB said.
These funds will be allocated as part of the business plan for transactions in Azerbaijan in 2015-2017, the statement said.
Thus, ADB will finance the "Power distribution improvement project" in 2015-2016 in Azerbaijan. Some $332 million will be allocated for the project implementation. Some $ 250 million of this amount will account for the ADB loan and the rest part - the Azerbaijani government's own funds.
Azerbaijan and ADB will implement the "Renewable energy project" in 2016-2017. Some $53 million will be allocated for this project. Most of the funds ($ 40 million) will account for the ADB loan, the statement said.
Azerbaijan and ADB will implement the third project for development of the road and transport network in 2015-2017. It should be noted that $133 million will be allocated for the implementation of the project and $100 million of this amount will account for the loans from ADB, while the remaining part will be allocated by Azerbaijani government.
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member 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.
Anvar Mammadov is Trend Agency's staff journalist, follow him on Twitter: @Anvar_Mammadov