Germany gives Azerbaijan €370 million loan

Azerbaijan's parliament ratified an agreement on financial cooperation between Azerbaijan and Germany on projects agreed in 2008-2012.

Germany will allocate a preferential loan worth €370 million to Azerbaijan under an agreement signed on November 28, 2013, in Baku.

The major part of the loan - €220 million- will be financed by German KfW bank and sent for implementation of the program.

The loan will be spent for the development of municipal infrastructure, including the improvement of drinking water supply for the population of Ganja and Sheki.

An open program on renewable energy and energy efficiency will have a €130 million share of the loan, and €20 million will be spent on a program for waste management.

ANN.Az