The Asian Development Bank (ADB) has allocated more than half of the funds’ volume within the framework of a grant worth $800,000 for operational preparation of an investment program of electricity distribution development in Azerbaijan, the ADB said in a statement posted on its website.
ADB has provided Azerbaijan with $455,280 since the beginning of rendering technical assistance, according to the message.
The agreement on rendering technical assistance was signed in May 15, 2015 and came in effect the same day. Timing of the work under the technical assistance was defined as until June 30, 2016, but then it was extended until December 31, 2016.
ADB was founded in 1966 and has 67 members. The bank’s headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country’s share in the bank’s capital is 0.5%. (Trend/Business World Magazine)