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ADB to allocate over $700M on energy projects to Azerbaijan

ADB to allocate over $700M on energy projects to Azerbaijan

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Date: 15 December 2015 17:37

Baku, Azerbaijan, Dec. 15

By Azad hasanli – Trend:

The Asian Development Bank (ADB) plans to allocate nearly $790 million on energy projects in Azerbaijan in 2016-2018, according to the business plan of the bank for Azerbaijan approved Dec.14.

In accordance with the business plan, these funds will be allocated for development projects of electricity distribution and renewable energy systems.

The bank plans to allocate $250 million annually for the development of the electricity distribution network in Azerbaijan, and ADB has provided technical assistance in the amount of $800,000 for the development of the project. The share of government’s involvement in the project is $75 million in 2016, $85 million in 2017, $90 million in 2018.

The first loan on renewable energy in the amount of $40 million was built into the business plan for 2018. The share of government’s involvement in this project is $13 million.

ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).

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