Baku, Azerbaijan, Sept. 27
By Maksim Tsurkov – Trend:
Asian Development Bank (ADB) has said it moved the $250 million Project 2 of the Multitranche Financing Facility (MFF) for the Power Distribution Enhancement Investment Program in Azerbaijan from 2017 to 2020.
According to the ADB business plan on operations in Azerbaijan in 2018-2020, posted on the bank’s website, the Project 3 of the MFF has been rescheduled beyond 2020 due to the government’s policy to limit external debt.
To ensure continuous support for the energy sector reforms, knowledge and support technical assistance (KSTA) totaling $0.5 million for sustainable and inclusive energy support is proposed for 2020.
Azerbaijan and ADB signed a memorandum of understanding on investment program worth $1 billion in May 2015. The program envisages reconstruction and modernization of the country’s power distribution system.
The investment program will improve power supply reliability, reduce distribution network losses, improve customer service efficiency and quality, improve operational and financial performance of the distribution company, and promote corporate reform and institutional development in the distribution subsector.
ADB was founded in 1966. Sixty-seven states are its members. Azerbaijan became an ADB member on Dec. 22, 1999.