Baku, Azerbaijan, Feb. 26
By Maksim Tsurkov - Trend:
The Asian Development Bank is currently working to assess the possibility of alternative energy development in Azerbaijan, the Baku office of the bank told Trend Feb. 26.
At the moment, ADB continues technical assistance for the alternative energy development project, according to the source.
"The first report has already been sent to the bank for consideration," the bank's office said. "If it is approved now, in late 2015 - early 2016 the planned amount of $40 million will be allocated. It is difficult to talk about the more precise terms for now, since the answer has not yet come, but at least, the work in this direction is underway."
Under the cooperation strategy with Azerbaijan, ADB plans to allocate $752 million in 2014-2018 for the implementation of infrastructure projects in the spheres of transport, energy and water supply. This is while it is planned to allocate 18.6 percent of the funds for financing the energy sector.
The Asian Development Bank was founded in 1966 and has 67 members. ADB's headquarters is located in Manila, Philippines. Azerbaijan became its member on Dec.22, 1999. The country's share in ADB's capital is 0.5 percent.
The leading shareholders of ADB are Japan and the US (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
The active portfolio of ADB in Azerbaijan is $1.224 billion.
Over the whole period of cooperation, ADB allocated a total of nearly $1.94 billion to Azerbaijan for the implementation of 22 projects.
edited by CN
Follow the author on Twitter: @MaksimTsurkov
