Asia Development Bank energy mission will visit Azerbaijan

Baku. 28 February. REPORT.AZ/ Energy mission of Asia Development Bank (ADB) will visit Azerbaijan in March. 

Report informs, ADB expert on energy issues Tianhua Luo will head the mission.

The mission members will meet with management of “Azərişıq” OJSC and government officials during visit scheduled to March 13-17.

Notably, Azerbaijan asked ADB to fund first phase of Investment Program for reconstruction of electric power distribution network. Investment agreement worth 1 bln USD aimed at improving functionality of “Azərişıq” OJSC has been signed between ADB and Azerbaijan government on May 5 of last year during 48th meeting of Bank’s board of directors held in Baku. According to memorandum, 25% of 1 bln USD program will be invested by Azerbaijan government, 75% by ADB.

Notably, in July 2016, ADB approved loan to be allocated for this project and already transferred first part of the loan to Azerbaijan government. The next tranche is scheduled to 2018.