ADB ready to allocate over $800M for Azerbaijan

14 September 2018 13:55 (UTC+04:00)

By Sara Israfilbayova

The Asian Development Bank (ADB) is ready to allocate $815 million for projects in Azerbaijan in the period 2019-2021.

The bank’s business plan says that particular attention is paid to the continuation of two programs - the modernization of the country’s energy system ($335 million) and the improvement of public administration ($250 million).

Calculated for 2019-2021, the business plan provides for the allocation of funds for projects in energy, education, finance, ICT, public sector management, water and other urban infrastructure and services.

It is also expected that during this period the bank will provide technical assistance for $5 million.

The business plan reads that the ADB will continue to support the initiatives of Azerbaijan on regional cooperation and integration.

The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. 

ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. 

The Bank is composed of 67 members, 48 of which are from the Asia and Pacific region.

Azerbaijan joined ADB on December 22, 1999 and the country’s share in the bank’s capital is 0.5 percent.

Since 2003, the bank has approved the allocation of loans to Azerbaijan in the amount of more than $4 billion dollars for the implementation of more than 30 projects in the public and private sectors. The amount of technical assistance provided by the bank to Azerbaijan is almost $30 million.

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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is

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