The Asian Development Bank (ADB) will loan $750 million dollars to Azerbaijan in three installments to ensure the uninterrupted power supply to distant regions. According to information given by the ADB to Turan News Agency, there are few problems concerning the flow of electricity in Baku, however, distant provinces often experience difficulties and power outages.
“This new project will erase the inequality of the availability of energy between enterprises located in cities and villages.” said department head of Central and East Asia, Sean O’Sullivan.
The memorandum of understanding between the ADB and Azerbaijan was signed in May of 2015, which set aside one billion US dollars (of which 250 million will be paid by the government) for investment in the electricity distribution network, including substations and measurement devices.
The first funds for the project will be received by the end of this year, a further third towards the end of 2018 and the last installment by the end of 2022.
The ADB was established in 1966, and Azerbaijan has been a member of the bank since December 22, 1999. The ADB has invested in more than 59 projects in Azerbaijan, with a total investiture of more than 2 billion 320 million dollars.