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KFW, GovAZ agreed on raising state stake in water project

Business Materials 19 July 2006 15:51 (UTC +04:00)

KFW bank of Germany and Azeri government agreed on raising state stake in Ganja and Sheki water networks reconstruction project by E 0.6mln up to E 7.6mln,Trend report quoting Natik Abdullayev, head of KFW Baku office.

It was earlier suggested to raise state stock by E 1.25mln, but the parties finally decided to get limited with E 0.6mln.

Abdullayev said the full documents package on water project is processed in the government to get further approved in Presidents Administration to issue authority to sign the credit agreement. Such authorities will be issued to Minister of Finance Samir Sharifov.

To speed up the project implementation, KFW addressed Azersu РђРћ with a request to call for tender on project consultant selection.

The Phase 1 of the project, scheduled for 3.5-4 years, is approved to be E 54.6mln, from which E 37mln (25.85mln of new credit and remains of similar operations in Imishli) provided by KfW, E 10mln from SECO and 7.6mln from Azeri government.

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