Abu Dhabi 15th June 2011: Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of Azerbaijan to provide AED 223 million as a concessionary loan to finance Janub Thermal Power Plant Project. The Project aims to provide quality and reliable power supply to increase the efficiency of the power generation system in Azerbaijan.
The signing ceremony took place in “Baku” the capital of Azerbaijan and the agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Acting Director General of ADFD and His Excellency Samir Sharifov, Minister of Finance for the Republic of Azerbaijan.
Subsequent to the signing of the agreement, Al Suwaidi noted that the project aims at constructing new Janub thermal power plant with a production capacity of 780 in order to develop the power sector and meet the continuing increase in demand for electricity in Azerbaijan”.
Al Suwaidi added, “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”.
Al Suwaidi further added that this project translates the policy and priorities of leadership in Abu Dhabi in supporting developing countries by devoting resources in order to achieve sustainable development in those countries.
In return, His Excellency Samir Sharifov, expressed his appreciation to the role played by the Abu Dhabi Fund for Development in supporting the development process and strengthening the ties between the UAE and the Republic of Azerbaijan.
Therefore, the total development assistance extended by ADFD to Azerbaijan amounts to around AED 260 million, and was utilized to support the power and transportation sector.