ADB to provide three loans for country

30 July 2019 17:14 (UTC+04:00)

By Mirsaid Ibrahimzade

The Asian Development Bank (ADB) actively assists Azerbaijan by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

ADB board of directors has approved a business plan for Azerbaijan for a three-year period from 2020 to 2022, under which it plans to provide funds in the amount of $295 million.

According to the business plan, the ADB is ready to allocate three loans to Azerbaijan during this period.

At the same time, the Bank reserved a $265 million loan for 2021 for the country and a $30 million loan for 2022.

In particular, within the three-year period, the Bank is ready to credit projects in Azerbaijan to ensure macroeconomic sustainability and improve the efficiency of public administration, improve infrastructure, and support small and medium-sized businesses.

In 2020-2022, ADB will also provide technical assistance to Azerbaijan in the amount of $5.8 million.

In addition, in case of readiness of several projects, ADB can provide Azerbaijan with credit resources for $450 million in 2022 for four projects in the fields of energy, education, infrastructure improvement and more efficient public administration.

Earlier, the Bank stated that there is a plan to provide a technical assistance in the amount of $100,000 to Azerbaijan to improve tax policy and administration. As part of the technical assistance, tax and finance ministries will be supported to improve tax revenue management and policy analysis aimed at mobilizing domestic resources to reduce fiscal dependence on oil revenues.

ADB has approved the five-year Country Partnership Strategy for Azerbaijan designed for 2019-2023. As part of the new five-year strategy, ADB plans to allocate $900 million to Azerbaijan.

In general, ADB has provided a $5.1 billion loan, guarantee, grant and technical assistance for the country so far.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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