ADB approves loan to be allocated to Azerbaijan

Baku. 12 July. REPORT.AZ/ Asian Development Bank (ADB) has approved multi-tranche loan program of 750 million USD for development of the electricity network in Azerbaijan.

Report informs, the ADB announced that use of electricity by 1.4 million subscribers will be further improved.

Credit transaction will consist of a total 3 tranches and 250 million USD on each tranches will be transferred to 'Azərişıq' OJSC.

According to the information, the project also envisages financing of training and other assistances to expand financial management and operational capabilities of 'Azərişıq'.

Sean M.O'Sullivan, the ADB Director General, Central and West Asia Regional Department said that it will allow new business opportunities as well as development of small and medium businesses.