Azernews.Az

By Nigar Orujova

The Asian Development Bank has approved a business plan for operations in Azerbaijan in 2015-2017.

The Bank announced that under the new business plan Azerbaijan will receive funds from the bank only as ordinary capital resources.

Approximate resources available to finance sovereign operations in 2015-2017 will amount to $586 million, and the proposed lending program - $715 million.

The funds will be spent on water, transport and energy projects.

“Operations in the private sector as part of a business plan contribute to diversification of the economy of Azerbaijan and will help mobilize funding for the sector, as well as improve environmental standards,” the message said. “The operations will be focused on the support of commercial banks for lending to small and medium-sized businesses, including farms.”

Based in Manila, ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.

The bank will hold the 48th Annual Meeting of its Board of Governors for the first time in Baku on May 2-5.

The event will gather about 3,000 government officials, business leaders, investors, journalists, and representatives from civil society for the first time in the South Caucasus.

The event in Baku is expected to enhance cooperation and integration within this region and Central Asia will be the focus of one of the panel discussions.

--

Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

Follow us on Twitter @AzerNewsAz