Azerbaijan becomes new donor of Asian Development Bank

17 September 2020 12:07 (UTC+04:00)

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By Trend

Donors have agreed to allocate additional funds over $4 billion for the Asian Development Bank’s (ADB) Asian Development Fund (ADF) and Technical Assistance Special Fund (TASF), for the 4 years from 2021 to 2024, Trend reports citing the ABD.

“The total size of the additional funds represents a 7-percent increase in comparison to the previous allocation, which covered the 2017–2020 period. Total resources are allocated between ADF 13 and TASF 7: about $3.5 billion and about $0.5 billion, respectively,” ABD said.

“Of the total funds, more than $2.3 billion, or 58 percent, will be funded by contributions from 30 donors including 2 new donors: Azerbaijan and the Philippines. The remaining $1.7 billion, or 42 percent, will be funded by internal resources, including net income transfers from ADB’s ordinary capital resources and income from ADF’s liquidity investment. The total fund size is expected to increase further as three more donors confirm their pledges,” the bank noted.

In December 2019, Azerbaijan’s Minister of Finance, Samir Sharifov, at an event dedicated to the 20th anniversary of cooperation between Azerbaijan and the ADB, noted that, on behalf of Azerbaijani President, Ilham Aliyev, from 2020 Azerbaijan will act as a donor country in several international organizations. The minister said Azerbaijan has invested $2 million in the Asian Development Fund (ADF) of the ADB.

(1 USD = 1.7 AZN on Sept.17)

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