WB considers possibility of financing new energy project in Azerbaijan

  13 April 2015    Read: 1343
WB considers possibility of financing new energy project in Azerbaijan
The World Bank (WB) is considering a possibility of implementing a project together with a single operator on the electricity distribution network in Azerbaijan - Azerishig JSC, WB office in Baku told.
"A WB mission led by the head of the energy department in Europe and Central Asia Ranjit Lamech will arrive in Baku April 10-15 to discuss the prospects of implementing a new project," the representative office said.

The loan amount will be determined after determining the volume of work as part of the project.

Azerishig JSC was established upon Azerbaijani President Ilham Aliyev’s order on Feb.15, 2015 on the basis of Bakielektrikshebeke JSC.

By purchasing and selling electricity, Azerishig JSC is engaged in ensuring reliable, safe and effective supply of electricity to consumers, using new technologies, modernization of the technical base and its effective use, as well as other activities aimed at developing this sphere.

Azerbaijan has been a WB member since 1992. The amount of loan agreements signed between Azerbaijan and the WB hits $4.086 billion.

The WB has allocated $185.7 million to implement six projects in the energy sector since the beginning of cooperation.

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