Asian Development Bank ready to allocate another loan to Azerbaijan

Baku. 14 June. REPORT.AZ/ On June 22, Board of Directors of the Asian Development Bank (ADB) to discuss the issue of allocation of a next loan to Azerbaijan. Report informs, it was stated by the ADB manager on Azerbaijan, Nariman Mannapbekov.

According to him, a loan of $750 million will be allocated for the project to improve the energy supply. Initially, the authorities will receive $250 million: "The money will be spent on the project in the country, except Baku. The first tranche will be directed to the purchase and installation of equipment for substations - transformers, switchboards, as well as providing the population with counters.”

N.Mannapbekov also spoke about the issue of credit conditions: "The credit will be issued for 25 years with a 5-year grace period, at a rate of 6-month Libor + about 0.4%. All documentation for the credit will be posted on the ADB website in two weeks, after conclusion of the contract."