Рђzerbaijan may decline EBRD loan
Рђzerbaijan may refuse from the loan of the European Bank for Reconstruction and Development (EBRD) for upgrading of the Azerbaijan Hydro-Electrical Power Station (HEPS) in Mingechavir, 300 km west of Baku, the Azerenerji JSC president Etibar Pirverdiyev said, Trend reports.
"Р•BRD lays conditions to us to increase tariffs by several times for power supply. We cannot do it. First, the government is dealing with tariffs and it cannot be reflected in the contract between EBRD and Azerenerji. We can examine allocation of the credit only after excluding these conditions from the draft agreementвЂќ, he noted.
Pirverdiyev said, if EBRD accepts the terms of the Azerbaijani side, the negotiations will go on. вЂњOtherwise, we will decline the loan. For today the rating of Azerbaijan at the credit market is such, that it is not difficult for us to lend moneyвЂќ, he concluded.
Р•BRD stated its readiness to allocate the loan of $115 million for upgrading the Azerbaijani HEPS.