The Siemens company (Germany) is interested in implementation of a number of projects in Azerbaijan. For the moment Siemens has an interest in implementation of the 330/110 kV substation construction project in Hachmaz, the Siemens representative office director general in Azerbaijan Samir Ahundov told Trend . Funding of the project is to be performed by the
Islamic Bank of Development (IBD). On 1 September 2005 President of Azerbaijan Ilham Aliyev approved agreement on allocating the loan for construction of the substation in Hachmaz to the government of the country by IBD. The project implementation will enable to improve the electrical supply of the country’s northern areas with the 500,000 residents. The IBD lending in the amount of $13,508 million will be allocated for 12 years by the 6% of annual rates.
One more project the company interested in is the reconstruction of the Azerbaijan hydro-electrical power station in Mingechevir. The approval of the project is scheduled to discuss on 1 November. The European Bank for Reconstruction and Development (EBRD) plans to allocate $100 million for the project of the total amount of $135 million.