Font Size

- Aa +

Wed 15 Jun 2011 09:19 PM

Font Size

- Aa +

Abu Dhabi signs loan deal for Azerbaijan power project

Abu Dhabi Fund for Development provides $60.7m to finance Janub Thermal Power Plant

Abu Dhabi signs loan deal for Azerbaijan power project
(Getty Images - for illustrative purposes only)

Abu Dhabi Fund for Development (ADFD) said on Wednesday it has signed a loan agreement with the Government of Azerbaijan to provide AED223m ($60.7m) to finance a power plant project in the country.

The Janub Thermal Power Plant project aims to provide reliable power supply to increase the efficiency of the power generation system in Azerbaijan.

Mohammed Saif Al Suwaidi, acting director general of ADFD, signed the agreement in Baku, the capital of Azerbaijan.

He said: "The project will include the acquisition of gas and steam turbines, related auxiliary and safety systems in addition to the civil works, transmission lines and equipments."

He added that the funding was in line with the policy of Abu Dhabi leaders to support developing countries.

The total development assistance extended by ADFD to Azerbaijan amounts to around AED260m in both the power and transportation sectors.

ADFD grants and loans, valued at $3.5bn have funded 199 projects in 53 developing countries.

In addition, ADFD has set up 12 joint ventures that operate in various sectors around the world. ADFD also manages loans and grants initiated by Abu Dhabi government valued at AED10bn.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.