GERMAN DEVELOPMENT BANK ALLOTS € 30 MLN LOAN TO AZERBAIJAN

07.12.2007 [19:47]
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Milli Majlis (Parliament of Azerbaijan) passed the bills "On approving agreement "On financial cooperation between the governments of Azerbaijan and the Federative Republic of Germany (on laying Imishli power line), “On ratification of the agreement between the German Development Bank (KfW) and the Republic of Azerbaijan (Debtor) and the open joint stock company “Azerenergy” (project executor) in the person of the Ministry of Finance on allocating € 30 mln loan for implementation of the project”.

Deputy Chairman of Milli Majlis, Chairman of the commission Valeh Alasgarov underlined that these documents will positively influence on development of the trade-economic relations and enhancing cooperation between the government of Azerbaijan and Germany in the financial area.

In accordance with the loan agreement, German Development Bank will allocate € 30 mln to Azerbaijan to build the 150-km power line to continuously supply Absheron region and south region of Azerbaijan with the electric power, and one more electric power substation.

Besides, this power line will open wide opportunities to import and export the electric power between Azerbaijan and Iran. Loan will be given for 12 year.

GERMAN DEVELOPMENT BANK ALLOTS € 30 MLN LOAN TO AZERBAIJAN

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