ADB to allocate funds to improve energy supply in Azerbaijan
Baku, Azerbaijan, Apr. 21
By Anvar Mammadov - Trend:
The Azerbaijani government urged the international organizations, such as the Asian Development Bank and the World Bank, to render financial assistance to improve the country's energy supply.
The main amount worth $ 750 million was requested from the ADB.
The project, planned together with Azerishig OJSC, will cover the whole country and consists of three tranches. The first tranche will be involved in the areas with the worst situation with energy supply, ADB official office in Baku told Trend.
The total cost of the project will be $1 billion, of which $250 million will be allocated from own funds of the Azerbaijani government.
The Azerbaijani government urged the WB to render the financial assistance in the amount of $250-300 million.
"This issue is being discussed and the final decision will be made in a few months," the WB official representative office in Baku told Trend.
Thus, ADB will finance the "Power distribution improvement project" in 2015-2016 in Azerbaijan. Some $332 million will be allocated for the project implementation. Some $ 250 million of this amount will account for the ADB loan and the rest part - the Azerbaijani government's own funds, the ADB business plan on Azerbaijan for 2015-2017 said.
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.
Edited by CN
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