Baku, Azerbaijan, Aug. 17
By Azad Hasanli – Trend:
Board of Directors of the European Bank for Reconstruction and Development (EBRD) has postponed allocation of a loan for Azerbaijan’s Tamiz Shahar JSC, established to improve the ecological condition of Baku, the EBRD head office told Trend on Aug. 17.
The EBRD Board of Directors will discuss the allocation of the loan in the fourth quarter of 2018, according to the message. Earlier, the discussion was planned to be held in July 2018.
A loan worth up to $39 million will be allocated for financing the domestic waste management in Baku and adjacent settlements on the Absheron Peninsula (Big Baku).
The funds will be used to finance the construction of two transfer stations and sorting facilities, which will allow optimizing the transportation of waste products and reducing the volume of their utilization.
In total, the EBRD, together with the technical assistance, will allocate up to $40.3 million for the project. The project’s goal is to improve the efficiency of solid domestic waste management in Big Baku.
Azerbaijan has been cooperating with the EBRD since 1992. Since then, the bank has invested more than $3.18 billion in 167 projects in the financial, corporate, infrastructure and energy sectors of Azerbaijan.
Meanwhile, a quarter of investments accounts for the private sector.
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