EBRD Allots €400mln for Energy Projects in 2006
Azerbaijan, Baku / Trend corr I. Khalilova / The European Bank for Reconstruction and Development (EBRD) allotted €390mln for implementation of projects in the energy field in 2006. Moreover, the Bank implemented another €900mln for support.
The financing covered Azerbaijan, Albania, Armenia, Bosnia and Herzegovina, Georgia, Poland and Russia. The funds were allocated as loans to the private sector, investments into joint stock and financing creditors with and without state guarantees in national currency (roubles).
Another €55mln in investments was involved in the energy sector for improvement of power efficiency, and €310mln was for investments into generative and transmitting powers. The project on the modernization of AzDRES (State Power Station) in Azerbaijan will enable rapid cutting of volumes of hydrocarbon emissions owing to the improvement of power efficiency and to switch from black oil into gas.
The Bank allocated €87.3mln, the total value of the project being €97.3mln. The rest will be allotted by the Azerbaijani Government. AzDRES produces the most part of energy power consumed by the country.