ADB Approves multi-million Loan to Azerbaijan
Author:Caspian Policy Center
Jul 22, 2015
The Asian Development Bank (ADB) has approved the fourth tranche worth $75 million as part of the ‘Azerbaijan: Water Supply and Sanitation Investment Program’, said a message posted on the bank’s website Aug. 24. According to the message, the first three tranches of the multi-tranche financing facility (MFF) financed construction of water networks in Goychay, Agdash and Beylagan towns. The fourth tranche will be used to complete work in Agdash and Beylagan towns, the message said. According to the message, water supply system efficiency will be improved through rehabilitation and replacement and coverage expansion in Agdash sewerage. The sanitation system efficiency will be improved through construction and coverage expansion in Agdash and Beylagan towns, the message said. The Azerbaijani government will provide some $25 million for the project implementation. The investment program on water supply and sanitation with total cost of $800 million was approved by the ADB Board of Directors in 2009. The first loan worth $75 million under the program was allocated for the reconstruction of water supply and sewerage infrastructure in the towns of Goychay and Nakhchivan, and the second tranche worth $300 million – for the works on reconstruction and upgrade of infrastructure and services in Aghdash, Beylagan, Goychay and Nakhchivan. The third tranche worth $150 million was envisaged to improve the water supply and sewerage network in Aghjabedi and Nakhchivan. 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, ADB is owned by 67 members – 48 from the region.