Politics

Home page

Politics

ADB energy specialist arrives in Baku

05 September 2007 13:40 (UTC +04:00)

Asian Development Bank specialist Tianhua Luo has today arrived in Baku to have discussion on the Credit Agreement for Renewable Energy Development Project.
ADB Office in Baku told APA-Economics that Tianhua Luo will review the first phase of the preparation for loan agreement and will negotiate with the government on the second phase.
The specialist will be in Baku between September 5 and 13. The aim of the visit is to review financing of the project.
The energy sector plays a central role in Azerbaijanâ€™s economy, contributing about one third of GDP. Although Azerbaijan has been successful in engaging the private sector in the development and export of oil and gas, the domestic energy sector is in urgent need of investment to upgrade aging infrastructure and expand energy supply, especially in the rural and remote areas. Some regions of the country can barely meet basic energy needs, while unreliable electricity supply is constraining economic growth and limiting job opportunities.
Developing alternative and renewable energy sources, mainly small hydropower and wind power, will be a competitive and environmentally friendly option to meet power shortages
ADB, based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, the ADB is owned by 65 members. /APA-Economics/