The official visit of the President of the Republic of Tajikistan H.E. Emomali Rahmon to the EIB
Friday 10 June 2011
The FINANCIAL – European Investment Bank (EIB) lends 7 million € to the Republic of Tajikistan, to finance rehabilitation of low and medium-voltage distribution network, consisting mainly of installation of electricity meters with ancillary equipment.
EIB President Philippe Maystadt, who signed the loan together with Tajikistan’s Minister of Finance Mr Safarali Najmuddinov, stated: “I welcome the fact that EIB funds will be supporting this flagship project that will contribute to the renovation of the electricity network, the reduction of distribution losses and the promotion of the economically sustainable development of the energy sector in the Republic of Tajikistan.”
The Tajik side estimates signing of this agreement as logical continuation of the constructive dialog between both parties and as actual support of its projects in energy sector by EIB.
At the same time the Tajik side expresses its hope that the result of conducted talks in EIB will serve for the real promotion of partnerships between both parties.
This first ever EIB loan provided in the Republic of Tajikistan will finance the installation of electricity meters, with ancillary equipment to enable demand-side management and grid energy balance control and reduce distribution network losses and increase energy efficiency.
This project is a good example of cooperation between partner international financial institutions as it is being co-financed by the EIB and the European Bank for Reconstruction and Development (7 million € each) and also supported by a 7m € grant from Investment Facility for Central Asia.
Through cooperation in the fields of energy and the environment, the project will support the EU’s strategic development objectives and sustainable economic and social development in Tajikistan and in the wider region.