Baku, Azerbaijan, June 25
Trend:
Tajikistan decided not to take funds from the World Bank for the construction of Rogun HPP, reports Sputnik Tajikistan, referring to Reuters.
Last year Tajikistan issued its debut Eurobonds in the amount of $500 million to raise funds for the implementation of the Rogun project.
Vice-President of the World Bank Cyril Muller said instead, the Bank will focus on the modernization of another major Tajik hydroelectric power plant.
"The reason we don't fund Rogun is because the government had several options on how to continue working with Rogun and they wanted to speed up the process and it was decided that the World Bank would support other investments in the energy sector," he said.
Muller added that the World Bank in cooperation with the government of Tajikistan will finance the reconstruction of Nurek hydroelectric power plant.
The first unit of the Rogun HPP is planned to be launched in December this year. Cyril Muller noted that, the improvement of relations between Tajikistan and Uzbekistan creates good prospects for the export of electricity.