ADB doesn't exclude allocating another $250 million to Azerbaijan
The Asian Development Bank (ADB) does not exclude the possibility of allocating another tranche in the amount of $250 million in 2018 for the project on the reconstruction and modernization of the Azerbaijani energy system, Nariman Mannapbekov, director of ADB’s permanent representative office in Azerbaijan, said, Trend reports.
An agreement on the abovementioned project worth $1 billion ($750 million will be provided by ADB, while $250 million by the Azerbaijani government) was signed in 2015.
Mannapbekov said that the contracts worth $250 million were signed and payments on 32 subprojects worth over $108 million were made from September 2016 to September 2017.
In general, the bank implements about 25 projects in the energy sector in the region. "This is the most successful ADB project in terms of implementation," Mannapbekov stressed.
According to the bank's business plan on Azerbaijan for 2018-2020, the allocation of the second tranche of the loan worth $250 million was postponed for 2020, while the third tranche - for the period after 2020.
The allocated funds within the project are planned to be used for the renewal of the country’s electricity distribution network, substations and improvement of the services rendered to customers.