Baku. Yegane Lachinzade – APA. The Asian Development Bank (ADB) has approved a $750 million multitranche program loan facility to upgrade power distribution networks in Azerbaijan that will benefit over 1.4 million consumers and give the wider economy a lift by providing more reliable electricity supplies, said the ADB website.
“This ADB program will help address the bottleneck in electricity supply and provide round-the-clock and reliable electricity to households and entities in secondary cities and rural areas in Azerbaijan,” said Sean M. O'Sullivan, Director General, in ADB’s Central and West Asia Department. “It will also help promote inclusive economic growth, foster new business opportunities for small- and medium-sized enterprises, and reduce urban-rural income disparities.”
The loan facility, which is earmarked to be rolled out in 3 tranches of $250 million each, will rehabilitate distribution network substations and lines, replace current low quality customer service lines and install modern, tamper-proof smart meters across the country. The loan will also finance training and other support to improve the financial management and operational performance of the state power distribution oversight company, Azerishiq Open Joint-Stock Company (OJSC).
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