TODAY.AZ / Business

European commission to provide budget assistance in energy sphere to Azerbaijan

07 February 2008 [16:59] - TODAY.AZ
The European Commission has introduced a financial agreement, a program of actions and a list of provisions to ensure budget assistance in the energy sector to the Ministry of Economic Development of Azerbaijan.

The due information was provided by Asker Alekperov, chief of department for foreign investments and coordination of programs of technical aid, Day.Az reports.

He said the total amount of subsidies will reach EUR 13,000,000, which will be provided in three tranches-one of EUR 3,000,000 and two of EUR 5,000,000. "Main focus has been made to the development of alternative energy and due technical and institutional arrangements. It is also necessary to improve legislation", Alekperov noted.

"I do hope that we will complete coordination and sign an agreement within 2-3 months. I think that the first tranche can be transferred to the budget by the end of the year", he added.


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