Azernews.Az

By Aynur Jafarova

The Manila-based Asian Development Bank (ADB) has approved the Country Operations Business Plan (COBP) for Azerbaijan for 2014-2016, the bank reported on January 27.

"The COBP is aligned with the priorities of the forthcoming ADB's Country Partnership Strategy for 2014-2018 being finalized and the government's Azerbaijan 2020 vision document," ADB said.

ADB will prioritize transport, urban infrastructure and services, and energy, as well as remain engaged with the government in other sectors through policy and advisory technical assistances.

The bank will also continue lending to commercial banks for supporting small and medium-sized enterprises and agri-businesses.

"The COBP for 2014-2016 will address inclusive growth. ADB's intervention in the transport sector will have indirect benefits to the poor and women, and will address climate change," the bank said. "ADB assistance in the water supply and sanitation will directly benefit the country's population. Proposed assistances in renewable energy and solid waste management will help improve the environment."

The COBP will require $610 million lending operations and $5.5 million technical assistance grants between 2014 and 2016.

Established in 1966, the ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The bank is owned by 67 members, including 48 from the region. In 2012, ADB's assistance totaled $21.6 billion, including co-financing $8.3 billion.

Azerbaijan's share in the bank's capital is 0.5 percent.

The ADB plans to allocate around $500 million for state projects in Azerbaijan in the next three years.