ADB's first grant agreement on energy project to be signed next week
A letter of technical cooperation on the project of introducing alternative energy sources is to be signed between the government of Azerbaijan and Asian Development Bank (ADB) next week.
According to the head of ADB Baku representation Matthew Westfall, the bank`s mission will arrive to Azerbaijan to prepare the project and after the document will be signed. The bank has also provided a separate grant of $700,000 to pay for the services of consultants involved in the project creation, Westfall stated.
Industry and energy minister Natiq Aliyev and Minister of Economic development Heydar Babayev would have authority to sign the document from Azerbaijani side.
ADB is planning to allocate $40m credit for the realization of the project. A $25m loan will be provided on beneficial conditions, whereas $15m on ordinary conditions.
Providing regions with alternative means of energy, using wind mills, mini hydraulic and solar energy are the major objectives of the project. These factors are necessary for sustaining agriculture in the regions.