ADB Considers $350m Financing Facility

The Asian Development Bank (ADB) has said it plans to consider and approve the $350m second tranche of a multi-tranche financing facility for Azerbaijan’s water supply and sanitation improvement programme.

The second tranche funding will be used to complete work in Nakhchivan and Agdash, as well as the three new cities of Agjabadi, Balakan and Beylagan.

In September 2009, ADB approved the $600m for the water improvement programme, which is being implemented by Azerbaijan’s water supply and sewage systems operator Azersu.

The $75m first tranche, signed on 17 December 2009, was put into force on 17 February 2010 for the completion of works in Geychay and Nakhchivan.

The third stage of the programme will use the remaining $175m to complete work around the Baku area, according to abc.az.

Azerbaijan government said it will add an additional $200m to the improvement project, which is scheduled to be completed in December 2010.