ADB Can Increase Financing of Azerbaijan Energy System"s Modernization Project
2017 November 06 ( Sunday ) 09:37:23
Baku/06.11.17/ Turan: The Asian Development Bank (ADB) does not exclude the possibility of allocating another tranche in the amount of $ 250 million for the reconstruction and modernization project of Azerbaijan"s energy system next year. This was said by the Director of the ADB permanent representative office in Azerbaijan, Nariman Mannapbekov.
The agreement on the reconstruction and modernization of the country"s energy system worth $ 1 billion ($ 750 million will be provided by ADB, and $ 250 million will come from the government of Azerbaijan) was signed in 2015.
According to Nariman Mannapbekov, from September 2016 to September 2017 contracts were signed for almost the entire amount of the first tranche of $ 250 million and payments were made for more than $ 108 million for 32 subprojects. -0-