Germany’s KfW to lend 370m euros to Azerbaijan

Business

10:30 | 29.11.2013

Germany’s KfW to lend 370m euros to Azerbaijan

Azerbaijan will borrow upto 370 million euros from the German development bank KfW to finance its water and renewableenergy projects, the Germany embassy in Baku said by e-mail.

KfW will lend the money aspart of a financial cooperation agreement signed yesterday between Azerbaijan’s FinanceMinister Samir Sharifov and the German ambassador in Baku, Heidrun Tempel.

Of the total, 220 millioneuros will be used to improve drinking water supplies in the towns of Ganja andShaki.

Azerbaijan will invest 130million euros of the loan in a renewable energy program. The remaining 20million euro will be used in a waste management project, according to theembassy statement.

ANN.Az