Baku, Azerbaijan, June 1
By Anvar Mammadov – Trend:
Board of Directors of the European Bank for Reconstruction and Development (EBRD) has postponed allocation of a loan for Azerbaijan’s Tamiz Shahar JSC, established to improve the ecological condition of Baku, the EBRD head office told Trend on June 1.
The EBRD Board of Directors will discuss the allocation of the loan on July 18, 2018, according to the message. Earlier, the discussion was planned to be held in March 2018.
A loan worth up to $39 million will be allocated for financing the domestic waste management in Baku and adjacent settlements on the Absheron Peninsula (Big Baku).
The funds will be used to finance the construction of two transfer stations and sorting facilities, which will allow optimizing the transportation of waste products and reducing the volume of their utilization.
The proposed project is consistent with the EBRD’s "Transition to a Green Economy” approach by reducing carbon dioxide emissions and reducing the overall volume of waste transportation.
The project’s goal is to improve the efficiency of solid domestic waste management in Big Baku.
Total cost of the project is $39 million. In total, the EBRD, together with the technical assistance, will allocate up to $40.3 million for the project.
Azerbaijan has been cooperating with the EBRD since 1992. Since then, the bank has invested more than $2.8 billion in 161 projects in the financial, corporate, infrastructure and energy sectors of Azerbaijan
Meanwhile, 68 percent of investments fall on the private sector.
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