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Asian Development Bank to invest $1 billion in Azerbaijan through energy strategy
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21 Nov 2008 19:15 ]
Baku. Nijat Mustafayev - APA-ECONOMICS. US $1 billion will be invested in Azerbaijan as part of the energy strategy within the scope of the ADB CAREC Programme.
ADB’s Sean O’Sallivan said in Baku that the investment plan will allow replacing the aging power transmission lines, reconstructing the network connecting to Russia, Iran and Georgia and gas transmission network and supporting measures for natural gas saving.
He added that the bank has already allocated a $500 million loan to Azerbaijan for the East-West Transport Corridor.
According to him, the improvement of infrastructure is in the focus of the Country Partnership Strategy for Azerbaijan.
He added that ADB extends $200 million for this purpose each year. It is slated to invest in water and energy sector in 2009 and rail network in 2010.
ADB’s Vice-President Xiaoyu Zhao added that the bank will extend loans to the private sector too.
“We intend to direct half of the funding to the private sector by 2020. Azerbaijan enjoys favorable environment for investment,” he added.
CAREC nations partner with six multilateral institutions – the Asian Development Bank, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme and the World Bank – who combine their assistance in the priority areas of transport, energy and trade.
The Asian Development Bank is a multilateral development bank, owned by 67 member countries. ADB’s main instruments for developing its member countries are policy dialogue, loans, equity investments, guarantees, grants and technical assistance.
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