Asian Development Bank has postponed loan to Azerbaijan. Why?

The Asian Development Bank has postponed the issuance of 1.5 billion dollars credit that had been promised to be issued before September to a large gas – field project, reported Radio Azadliq.

Information on the postponement of the issuance for the two projects of Azerbaijani company, “Shazdeniz”, was disseminated by the International Financial Institution – IFI.

5 billion spent, 8 billion more needed

Azerbaijan has already spent 5 billion dollars on this project from the State budget and  from the turnover of Eurobonds. However, to complete the project, the State needs another $8 billion.

This project includes the development of Shahdeniz mining fields and the creation of a network by combining three related lines.

This network is supposed to begin the supply of 16 billion cubic meters of gas to Turkey and Europe starting from 2019.

The reason is not explained, but it is known that…

The International Financial Institution will not give a reason for the decision.

In the beginning of May,


uman Rights Watch encouraged

the Asian Development Bank to pay attention to the defense of human rights in countries under repressive regimes such as Azerbaijan and Uzbekistan during the period of cooperation.

After that, the president of the European and Middle East department of the organization, Hugh Williamson, stated that “the efforts for the development take longer when they are supported and beneficial

not to high-ranking officials,

but to communities. The Asian Development Bank has to make sure that the profit from the cooperation would reach the nation and that pressure on civil rights in countries such as Azerbaijan and Uzbekistan would not grow.”

Ana səhifəNewsAsian Development Bank has postponed loan to Azerbaijan. Why?