ADB Approved $750 Loan to Azeri Energy Sector

The Asian Development Bank (ADB) has approved a $750 million loan facility to modernize Azerbaijan' energy system, the bank said in a statement.

 

The funds will be used for the reconstruction of electricity distribution stations, to buy new electricity meters and improve services and should be drawn within six years.

 

The loan is planned to be allocated in three tranches of $250 million each. The first tranche will cover investment activities from mid-2016 to the end of 2018.

 

"This ADB programme will help promote inclusive economic growth, foster new business opportunities for small- and medium-sized enterprises, and reduce urban-rural income disparities," said Sean M. O'Sullivan, ADB's central and west Asia department director general.


(Writing by Margarita Antidze; Editing by Alison Williams)