Asian bank doubles investments in Azerbaijan
The Asian Development Bank (ADB) has invested a total of nearly 36.5 million manats ($46.8 million) in Azerbaijan in January-October, more than double the investments reported in the same period of 2010, the state statistics body said.
The ADB’s funds accounted for 1.8 percent of the total foreign investments channeled into the South Caucasus republic by other countries and international organizations in the first ten months of 2011.
Azerbaijan has been a member of the ADB since 1999. The bank currently finances -- as part of its Central Asia Regional Economic Cooperation (CAREC) Program -- such projects as overhaul and expansion of the highways stretching from Yevlakh to Ganja, the country’s second largest city, and from Gazakh to the Georgian border. The ADB also finances projects on improving urban water supply and sewer system and electric power distribution.
As part of its cooperation with Azerbaijan from 1999-2009, the bank allocated funds totaling up to $700 million and $11.5 million in grants.
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