EFSD to finance Nurek HPP Rehabilitation Project

Moscow, 29 June 2017.  The Council of the Eurasian Fund for Stabilisation and Development (EFSD, the Fund) has approved the Evaluation Report prepared by Eurasian Development Bank (EDB, EFSD Resources Manager) on the Preliminary Application of the Republic of Tajikistan for an investment loan financed with the Fund’s resources to support the Nurek HPP Rehabilitation Project, Phase 1.

The total amount of financing for phase 1 of the project is estimated at US $350 million, including the preliminarily approved EFSD loan of US $40 million.

The recipient of the Fund’s resources will be the Republic of Tajikistan represented by its Ministry of Finance.

The proceeds of the EFSD loan are to be used to purchase and deliver six 10.5 kV / 500 kV / 220 kV single-phase autotransformers to replace the ones installed at the HPP transformer substation, which have reached the end of their useful life and are in a poor technical condition.

The Nurek HPP Rehabilitation Project, Phase 1, is co-financed by the EFSD, the World Bank, and the Asian Infrastructure Investment Bank.

Additional Information:

Nurek HPP is the largest in Central Asia hydropower plant, while Nurek 300-meter high rock-fill embankment dam is the second largest in the world. Nurek HPP produces over 70% of all electricity generated in Tajikistan and makes part of the Vakhsh River HPP Cascade. The design installed capacity of the HPP is 3,000 MW. At present, Nurek HPP can potentially utilise only 77% of its design capacity due to obsolescence of equipment and lack of required maintenance, therefore, over the last few years the maximum power of Nurek HPP has not exceeded 2,320 MW.

Nurek HPP Rehabilitation Project covers replacement of all 9 hydroelectric units, key infrastructure components, and autotransformers, rehabilitation of auxiliary transformers, improvement of the dam operation safety, and provision of technical assistance. The project is divided into 2 phases. International financial institutions are currently considering financing Phase 1 of this project.

The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.

The Fund’s Council acts on behalf of member states on all issues related to mobilisation of funds, investing, and using the Fund’s resources and any other issues related to the Fund. As of today, the members of the Fund’s Council are:

• Anton G. Siluanov - Chairman of the Fund Council, Minister of Finance of the Russian Federation
• Bakhyt T. Sultanov - Minister of Finance of the Republic of Kazakhstan
• Adylbek A. Kasymaliev - Minister of Finance of the Kyrgyz Republic
• Abdusalom K. Kurboniyon - Minister of Finance of the Republic of Tajikistan
• Vardan S. Aramyan - Minister of Finance of the Republic of Armenia
• Vladimir V. Amarin - Minister of Finance of the Republic of Belarus

EDB Media Centre:
+7 (727) 244 40 44, ext. 6147 (Almaty)
+7 (495) 645 04 45 ext. 2724 (Moscow)
pressa@efsd.org

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