State Secretariat of Economic Relations of Switzerland (SECO) upon talking to KFW of Germany agreed with terms of the contract simplified upon Azeri governments request.
The contract concerns reconstruction of water networks in Ganja and Sheki. according to the revised contract, tariffs will be increased upon the governments agreement in order to cover operation expenses in water networks. Upon consulting with SECO, yesterday Azersu AO submitted a full documents package on water project. Upon receiving the recalls from relevant ministries and authorities, the authorities will be delegated for the credit agreement signing.
The Phase 2 of the project scheduled to 3.5-4 years ha bee agreed on to amount E 54mln from which E 37mln (E 25.85mln from new credit and remaining funds from similar operations under Phase 1 in Imishli) are issued by KfW, E 10mln by SECO and E 7mln by Azeri government unless it is raised to E 8.250mln.