Baku. 7 August. REPORT.AZ/ Asian Development Bank (ADB) will provide JSC "Azerishyg" large loan after the completion of the end of August the appropriate due-diligence procedures (assessment of investment risks, the company's reliability, market position, etc.). The total loan amount is 750 million US dollars.
The head of the permanent mission of ADB in Azerbaijan Olly Noroyono said to Report.
According to the official representative of the ADB, the loan interest rate will be coordinated with the government of Azerbaijan: "The first tranche of financial facility in the amount of 250 million dollars will be allocated before the end of 2015. The interest rate will be calculated on LIBOR system. Interest rate, loan terms and conditions to be agreed with the government of Azerbaijan."
On May 5, ADB and the Azerbaijani government signed an investment agreement in the amount of 1 billion US dollars to improve the performance of "Azerishyg." From the ADB, the agreement signed by ADB Vice President Zhang Venkay (Wencai Zhang), from Azerbaijan by Finance Minister, Samir Sharifov and Chairman of "Azerishyg", Baba Rzayev.
According to the agreement, ADB will allocate 750 million USD to Azerbaijan. The rest of amount 250 million dollars will be financed by the government.