Azerbaijan, Baku, June 30 /Trend, I.Khalilova/
Board of Directors of Abu Dhabi Fund for Development has approved $60 million to finance the project of building 800-megawatt thermal power plant (TPP) Cenub, a government source said on June 30.
"Currently we expect to receive the draft loan agreement," the same source said.
Funds of the Arab countries display a great interest in funding this energy project. Today, already a $20 million loan was approved by the OPEC Fund for International Development. Also, Kuwait Fund for Arab Economic Development displays an interest.
The project cost is 664.1 million euros. In 2010, relevant agencies will allocate 117 million euros for construction work. At the moment, 434 million euros is approved for the project.
Bayerische Landesbank, Societe Generale and Credit Suisse banks allocated 300 million euros for the project. The banks issued a loan under a state guarantee for 10 years. These resources will cover half of the construction cost.
The Islamic Development Bank approved financing of 134 million euros Oct. 20, 2009. The Cenub station will operate with gas and fuel oil.
Asian Development Bank provides guarantee support of 233.32 million euros to attract funding from foreign commercial banks.
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