The Asian Development Bank agreed on Tuesday to lend Azerbaijan $750 million for a $1 billion project to rehabilitate and expand the country’s power distribution network.
The agreement was signed by Azerbaijan’s Finance Minister Samir Sharifov and ADB Vice President Wencai Zhang on the sidelines of ADB’s 48th annual board meeting in Baku.
Azerbaijan will provide the remaining $250 million of the project.
Under the agreement, ADB will earmark $250 million for the first phase of the project.
"Azerbaijan’s power sector plays a leading role in the country’s economy and the proposed program will further improve electricity delivery to customers,” Zhang said.
ADB has lent Azerbaijan (both public and private sectors) nearly $2.1b since the country joined the Manila-based bank in 1999.
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