ADB Delays Approval of Second Funding Tranche for Azerbaijan Water Project

The Asian Development Bank's office in Azerbaijan has delayed the approval of the second tranche of financing that would support a nationwide water supply and sanitation improvement program, the

. The decision came after a new feasibility study revealed that the program needed more funds than previously stated. ADB said it is willing to provide the additional funds and even increase the amount of the total loan, but it will need more time. It plans to release the second portion of the funds within the year. The first tranche, worth USD75 million, was approved in December 2009.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.