ADB to cut 34% investment to energy projects in Azerbaijan - EXCLUSIVE

Baku. 19 October. REPORT.AZ/ Asian Development Bank (ADB) offers $1 billion credit for Southern Gas Corridor and “Shah Deniz-2” projects by the end of 2016 in the framework of Multi-Tranche Financing Facility (MFF). Report informs, the financing will be managed through two credit lines.

According to information, Board of Directors of the bank will discuss the issue and make decision by year-end.

The bank earlier stated it could allocate $1.505 billion credit to above-mentioned projects. It would enable to provide credit guarantees to support commercial banks in financing government’s 16.67 percent share in the project. But it was said the program hadn't been approved yet.

Notably, although it was earlier stated that the Board of Directors of the bank would decide on the issue on August 22 meeting, later the time postponed to September 27 for unknown reasons.