The agreement package for funding was signed today with KFW of Germany and State Secretariat of Economic Relations of Switzerland under the water networks reconstruction project for Ganja and Sheki.
Officials of the Cabinet of Ministers of Azerbaijan told Trend the documents had already been signed by Vice Premier Abid Sharifov on behalf of Azerbaijan. The document,
which envisages special agreements among KFW, Ministry of Finance, Azersu, subsidiaries Ganja Vodokanal and Sheki Vodokanal shall yet be signed by Nizameddin Rzayev, Chairman of Azersu.
Further, the documents package shall be dispatched to KFW and SECO to pass the same procedure. According to the procedure, these agreements come into effect upon the approval in Azeri parliament.
The first phase of 3.5-4 year project is approved in amount of 54.6mn euro, from which 37mln (25.85mln euro of new credit and remainder from similar operations in Imishli) is issued by KfW, 10mln by SECO, and 7.6mln by Azeri government.