European Bank for Reconstruction and Development (EBRD) refused to finance reconstruction of AzGRES in Mingachevir part-by-part, governmental officials told Trend. Credit was supposed to issue through the operations performance. Such credit terms were unaffordable for Azenerji as they would prolong power blocks reconstruction period. This, in turn, would raise the cost of materials, equipment and metal.
EBRD and the government agreed that upon Azenerjis signing a contract with contractor, EBRD issues an advance payment for the whole stock of equipment and provides remaining funds through their manufacture and delivery to the republic.
In a view of change in crediting, EBRD already revised its documents. Governmental authorities suggest starting official conversations next week.
...