ADB invests $1 billion into Azerbaijan power network

2015-5-26 ADB

 Azerbaijan, Baku: The Asian Development Bank (ADB) and Government of Azerbaijan have signed a Memorandum of Understanding for a $1 billion investment program to rehabilitate and expand the country’s power distribution network.

The funds will be used to build new substations with power transformers and associated electrical equipment, and to upgrade and expand the power distribution lines and customer service lines, states ADB in the press release.

Azerbaijan will provide counterpart funds of $250 million.

Source: ADB