European Commission Stands Ready to Support Alternative Energy in Azerbaijan

Oil&Gas Materials 7 February 2008 18:37 (UTC +04:00)

Azerbaijan, Baku, 7 January /corr. Trend I.Khalilova / The European Commission presented financial agreement to the Ministry of Economic Development of Azerbaijan, regarding budget support to the energy sphere and state governance of finances, which totals €13mln, said the Head of the Ministry's Investment Policy Department, Asker Alekperov. In addition, the Commission has presented its action plan as well as the list of conditions.

"The key efforts will be made for the development of the alternative energy, but the legislation demands improvement," Alekperov said.

The funds for these measures will be transferred to the State budget of the Country, in three tranches. The first tranche will be provided in 2008 and the second one in 2009. One tranche will total €3mln and the remaining two tranches will amount to €5mln.

"I hope that over the next two or three months, we will sign the agreement. Therefore, I consider that the first tranche will be transferred to the State budget by the end of this year," he said.

This is a new instrument which was suggested to Azerbaijan within European Neighborhood Policy and included in 2007 indicative program.