Asian bank invested $700m in Azeri economy
BAKU – The Asian Development Bank (ADB) has invested $600-700 million in Azerbaijan’s economy so far, ADB representative in Azerbaijan Olly Norojono has said.
The ADB provided $11.5 million to Azerbaijan in the form of grant assistance from 1999-2009.
"The Asian bank allocated grants worth $1.11 billion to finance 92 projects in the world in 2009. It also provided the loans worth $13.23 billion and $267.2 million for technical assistance," Norojono told a business forum on Friday that focused on the possible realization of international investment projects in Azerbaijan.
He said that the ADB determined five priority areas - infrastructure development, environment, financial sector development, education and regional cooperation for the next ten years.
"The priority areas of the ADB investment in Azerbaijan are the sphere of transport, urban infrastructure, energy sector, the banking sector (trade financing) and the industry," Norojono said.
Azerbaijan joined the ADB in December 1999 and its share in the bank's capital is 0.5 percent.
The 67-member ADB was established in 1966. The Manila-based ADB's leading shareholders are Japan and the United States (31.2 percent of the total stock), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
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