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Asian Development Bank to allocate $780 million to Azerbaijan

1 September 2020 17:40 (UTC+04:00)
Asian Development Bank to allocate $780 million to Azerbaijan

By Ayya Lmahamad

The Asian Development Bank will allocate $780 million to Azerbaijan as part of the business plan approved for Azerbaijan for 2021-2023, local media reported with reference to the fund.

According to the business plan, it is planned to allocate the country $85 million in 2021, $370 million in 2022 and $325 million in 2023.

Within the framework of the business plan for Azerbaijan, a credit was ordered for allocation of funds on 5 credit lines - agricultural (irrigation), transport (railway infrastructure), financial (non-bank credit organizations and SMEs) and educational (support of economic reforms) sectors.

Likewise, the bank will provide technical assistance to Azerbaijan for $4.5 million during the period of 2021-2023.

Moreover, the bank plans to provide Azerbaijan with $500 million loan to support economic reforms. For this purpose, bank plans to provide a loan in two installments - $250 million each in 2022 and 2023.

Additionally, another $15 million the bank will provide for the preparation of projects in the field of high technology and innovation.

Furthermore, the bank plans to provide Azerbaijan with $75 million loan for the development of professional education and training system.

Additional $150 million will be provided to Azerbaijan for railroad modernization. In addition, another $20 million will be provided by the Azerbaijani government for this project. The loan will be used to upgrade the Baku-Astara railroad in the border with Iran. It should be noted that the modernization of this railway will be part of the North-South project.

For its part, the government of Azerbaijan will allocate additional $15 million for the project of irrigation and drainage system development.

Azerbaijan has been a member of Asian Development Bank since 1999. Since 1999, the bank has committed $4.4 billion in loans, $32.28 million technical assistance projects, including ADB-administered co-financing for Azerbaijan.

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