Asian Development Bank pledges $750m to Azerbaijan electricity upgrade

ADB Vice President Wencai Zhang

ADB Vice President Wencai Zhang

Azerbaijan electricity upgrade: The Asian Development Bank (ADB) today agreed to invest $750bn in the reconstruction and modernisation of Azerbaijan’s electricity system. The funds will be released in three tranches over the next five years, with the Azeri government contributing a further $250m, and will be used to upgrade the country’s electricity distribution network and substations; to improve levels of customer service; to introduce digital metres; and to strengthen the human resource capacity of the state-run electricity network operator Azerishig.
The agreement was signed in Baku by Azerishig’s Chairman CEO Baba Rzayev and ADB Vice President Wencai Zhang. “The energy sector plays a leading role in the economy of Azerbaijan, and the proposed program will help improve the electricity supply to subscribers,” Zhang said at the signing ceremony.

Source: TREND