11 Nov 2015 18:56

ADB plans to supply $250 mln to Azerbaijan for energy sphere program

BAKU. Nov 11 (Interfax) - The Asian Development Bank (ADB) plans to offer Azerbaijan a loan in the framework of an investment program to improve the power grid in the country with an overall cost of $1 billion.

As the bank said on its website, the ADB board of directors intends to approve a first loan tranche for $250 million for Azerbaijan on February 17, 2016.

In May 2015, the government of Azerbaijan and the ADB signed a memorandum of understanding for the implementation of the investment program. According to the memorandum, the ADB will provide financing of $750 million, and the government of Azerbaijan will provide $250 million. The ADB loan funds will be provided in three tranches of $250 million each.