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Asian Development Bank, Azerbaijan to sign two loan agreements in November

07 November 2008 09:38 (UTC +04:00)

â€œOne loan agreement for the Power Transmission Enhancement Project and another agreement on additional loan for the Ganja Bypass Route are due to be signed during ADB President Mr. Haruhiko Kurodaâ€™s visit to Baku on November 19-21,â€ said the ADB Office in Baku.
Mr. Haruhiko Kuroda is due to attend the meeting of CAREC member statesâ€™ officials on November 19 and CAREC ministerial conference on November 21.
The ADB Board of Directors approved a $160 million loan for the Power Transmission Enhancement Project that will help build a double-circuit 220 kilovolt transmission line and associated substation facilities, replacing two existing lines which have been in use for about 60 years.
The upgrade will remove transmission choke points, lower system losses, and provide a more stable power supply, especially in the key Azeri industrial hub, near the capital city of Baku.
The Board of Directors approved a $55.4 million additional loan for Ganja Bypass Route, which is generally used by large trucks for long distance travel, which are not permitted to travel through Ganja, one of the most industrialized cities in Azerbaijan.
The total cost of the project is $73.9 million, of which $18.5 million will be provided by the Government of Azerbaijan.