Finance

Finance

ADB invests $69 mln in implementation of projects in Azerbaijan, this year - PHOTO

ADB invests $69 mln in implementation of projects in Azerbaijan, this year - <font color=red>PHOTO</font>

09 December 2011 10:49 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Asian Development Bank has invested $69 mln in financing of implementation of different projects in Azerbaijan, resident Representative of ADB in Azerbaijan Olly Norojono said at todayâ€™s news conference devoted to activities of ADB in Azerbaijan during 2011.

Norojono said that in the mid of the year, ADB approved Country Operations Business Plan for Azerbaijan for almost $ 1 bln lending during 2011-2013.

In 2011, ADB disbursed around $23 mln for projects in the transport sector. At the end of December 2011, ADB Management is expected to approve the third tranche of $200 mln for continuing the construction of Masally-Astara road. Masally-Astara road is expected to be completed in 2013 and Ganja bypass road by the mid of 2012.

Norojono also noted that in the water supply and sanitarian sector, ADB disbursed about $11 mln in 2011. The funds were disbursed for the water supply and sanitarian project in Nakhchivan and Goranboy as a part of a $600 mln financing facility for Water Supply and Sanitarian Investment Program. The second tranche of $300 mln is expected to be approved by ADB Management at the end of December, 2011 for constructing the entire system in Nakhchivan, Goychay, Agdash and Beylagan.

In the energy sector, ADB disbursed about $35 mln for Power Transmission Project to construct transmission lines from Mingachevir to Asheron of 280 km and from Shimal power plant to Hovsan of 97 kmâ€™s and construction of 5 substations. The project is expected to be completed by the mid of 2012.

In 2011, ADB together with the Ministry of Economic Development of Azerbaijan organized CAREC Senior Officials Meetings and 10th Ministerial Conference of CAREC in which CAREC 2020 Strategy was approved.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members â€“ 48 from the region. In 2010, ADB approvals, including co-financing, totaled $17.51 bln. In addition, ADBâ€™s ongoing Trade Finance Program supported $2.8 bln in trade.