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ADB approves new strategy for cooperation with Azerbaijan

29 September 2014 17:39 (UTC+04:00)
ADB approves new strategy for cooperation with Azerbaijan

By Aynur Jafarova

The Board of Directors of the Asian Development Bank (ADB) approved a new strategy for cooperation with Azerbaijan on September 29, Trend Agency reported.

The document covers a period from 2014 to 2018.

"ADB's strategic approach to Azerbaijan is based on the realization of infrastructure projects in transport, energy, water supply sectors, and other urban utilities and services.

Efficient infrastructures will allow creating new and developing existing opportunities for the development of non-oil sector and increasing access to new markets and performance indicators, in particular in the regional centers and rural areas", the bank said.

The banks' strategy was developed given the economic development plans set earlier by the Azerbaijani government.

Also, ADB will allocate $752 million to Azerbaijan for implementation of projects in various fields in 2014-2017.

ADB has republished its GDP growth forecast on Azerbaijan in 2014 and 2015 without any changes.

In its recently published updated of Asian Development Outlook 2014 report, the bank said the rate of GDP growth will amount to 5 percent in 2014, and 4.8 percent in 2015.

"Although the growth rate of the economy of Azerbaijan in the first half of 2014 declined by less than a half of the expected forecast, the projected growth in the areas of oil production, construction, services and agriculture in the second half of this year will back up the previous forecast of growth," the report said.

ADB also kept the inflation forecast in Azerbaijan for 2014 and 2015 unchanged - at the level of 4 and 3.5 percent, respectively. In addition, the bank also kept the forecast on current transactions account surplus to GDP of Azerbaijan at the same level of 16 percent in 2014 and 15 percent in 2015.

ADB was established in 1966. It has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.

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