European Bank for Reconstruction and Development (EBRD) may allocate a loan of EUR 370 million to Azerbaijan, EBRD told APA-Economics.
"A sovereign loan of up to EUR 370 million to the Republic of Azerbaijan for the benefit of the Azerbaijan State Water Resources Agency, a government entity in charge of managing water resources in Azerbaijan. The Bank will support the reconstruction of water supply, sanitation and stormwater management network and the construction of the Wastewater Treatment Plant (WWTP) in the city of Ganja," according to the Bank.
The Project will be implemented under the EBRD's Green Cities and aims to address the priority environmental challenge of 'water availability and quality' identified in the Ganja Green City Action Plan (GCAP). The government prioritizes the Project considering the acute need to improve deficient urban water and wastewater infrastructure in Ganja.
Upon the Project's completion, it is expected that the entire city of Ganja will be covered by uninterrupted water supply and wastewater sanitation services, and flood risks will be decreased by introducing a stormwater management system. The Project will also have a significant positive environmental impact on the region by ensuring that the wastewater is treated before being discharged into the Ganja River.
European Bank for Reconstruction and Development (EBRD) will finance a portion of the project's total value amounting to EUR 365 million through several tranches, along with investment grants to be provided by international donors.
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