Azerbaijan refused from an ADB loan –Transfer did not take place


June 11, Fineko/ As part of the Investment Program on the Restructuring of the Electric Grid Network, the transfer of the 2nd and 3rd tranches of the $750 million loan allocated by the Asian Development Bank (ADB) to Azerishig OJSC has been postponed.

ABC.AZ reports that the reason for this is Azerbaijani government’s refusal to receive this loan.

The Finance Ministry’s spokesman Mayis Piriyev said that in accordance with the new strategy of external borrowing, such a step was taken: "At this stage, it is not envisaged to attract the next tranches under this loan agreement within the framework of document "Strategy for public debt management in Azerbaijan for the medium and long term", which defines the main directions of public borrowing and approved by the presidential order from 24 August 2018."