Azerbaijan borrows $750m
Araz News: Azerbaijan and the Asian Development Bank signed a memorandum of understanding in the amount of $1 billion.
According to Oxu.Az, the memorandum provides for the allocation of a loan on the investment program of the development of power distribution between Azerbaijan and ADB.
ADB will provide $750m for the project in three stages. A loan of $250m will be allocated as part of the first stage.
In general, there is a plan to allocate $1bn. The remaining $250m for JSC “Azerishyg” will be provided by the government of Azerbaijan.
The agreement was signed by Minister of Finance Samir Sharifov, Chairman of “Azerishyg” Baba Rzayev and ADB Vice President Venkaya Zhang.
It should be noted that the agreement was signed with the aim of improving electricity supply in the country.
ADB has allocated loans worth $2.1bn to Azerbaijan since 1999.
news.az
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