By Leman Mammadova
The Asian Development Bank (ADB) continues its support to Azerbaijan to achieve even more diversified, resilient, inclusive and sustainable economy.
The ADB has approved the five-year Country Partnership Strategy for Azerbaijan designed for 2019-2023, the Bank said in a message.
The main directions of the strategy include developing the private sector, improving the efficiency of the public sector, improving the infrastructure and strengthening the human capital.
“The new strategy gives us the opportunity to meet the requirements of Azerbaijan in the important period of the country's development. It will strengthen support to the private sector, give more attention to human capital development, increase knowledge sharing and create opportunities for more innovative financial solutions,” noted Nariman Mannapbekov, ADB Director for Azerbaijan.
In his words, ADB will also provide support in the field of high technologies and finance innovative projects.
According to the new strategy, ADB will focus on support of the structural reforms through analytical activities, technical support and strengthening of the capacity of government organizations.
In the five-year period, ADB also plans to increase operations in the private sector of Azerbaijan and create partnerships to increase financial inclusion.
The Bank also intends to analyze lending opportunities in national currency.
This strategy is fully consistent with the strategic plan for the prospects of the national economy adopted in December 2016 by the Azerbaijani government.
The main objective of the ADB is to support the economic development of its member countries and to help alleviate poverty and improve the living standards of the population.
Azerbaijan joined ADB in 1999 and its share in the Bank is 0.5 percent. The Bank's local representative office opened in the country in 2004. Azerbaijan hosted the 48th Annual Meeting of the ADB Board of Governors in 2015.
ADB has provided a $5.1 billion loan, guarantee, grant and technical assistance for the country so far.
ADB’s program for Azerbaijan during 2011–2017 consisted of 47 projects. Energy was the largest sector supported, accounting for 42 percent ($2.1 billion) of total financing, followed by transport at 27 percent ($1.4 billion).
The Asian Development Bank will allocate $815 million from its credit resources to Azerbaijan in 2019-2021. This is stated in the Bank's three-year business plan. Thus, in 2019, the Bank will allocate $250 million to the country, $265 million in 2020, and $300 million in 2021.
These loans, which will be allocated for three years, will focus on the modernization of the country’s energy system ($335 million) and the improvement of public administration ($250 million).
Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
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