Baku, Azerbaijan, Aug. 25
By Maksim Tsurkov - Trend:
The Asian Development Bank's (ADB's) loan fact-finding mission for the proposed Power Distribution Enhancement Investment Program will visit Azerbaijan on August 24 - September 7, ADB's Baku office said.
The mission will be led by Mr. Tianhua Luo, an ADB's senior energy specialist.
"The mission will discuss and confirm with the government and Azerishig OJSC on the project design, outputs, cost estimate, financing plan, procurement plan, implementation arrangement, safeguards, and other relevant documents," the statement said.
The mission is a follow up of a Memorandum of Understanding for the investment program to rehabilitate and expand the country's power distribution network signed by ADB and the government on May 5, 2015 on the sidelines of ADB's Annual Meeting in Baku.
ADB will support the investment program through a $750 million multitranche financing facility with a $250 million loan earmarked for the first phase. The funds will be used to upgrade and expand the power distribution lines, substations, and customer service lines, and to replace the existing electric meter devices with digital electric meters. Capacity building support will also be given to Azerishig OJSC to enhance its operational and financial performance.
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.
Since the beginning of cooperation, the Asian Development Bank has allocated over $1.6 billion to Azerbaijan to implement the projects in the sphere of road construction, energy, irrigation, improving water supply and sewerage systems.
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