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ADB to give Azerbaijan $1.2M for energy sector recovery plan

Monday, August 15
The Asian Development Bank (ADB) approved a technical assistance in the amount of $1.2 million for preparation of a financial recovery plan of Azerbaijan’s energy sector, said an ADB message on its website.

“Additional $0.3 million will be allocated by the Azerbaijani side, and thus the total amount of the technical assistance will be $1.5 million,” said the message. “Azerbaijan’s Finance Ministry is an executive agent on the technical assistance.”

The technical assistance is aimed at preparing a long-term plan to increase tariffs in order to bring them to a level at which the sector is able to fully reimburse its expenses.

The ADB doesn’t exclude the possibility of allocating additional funds in 2017-2018 to support the government in implementation of its financial recovery plan for the energy sector.

ADB, based in Manila, was established in 1966 for reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.