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Asian Development Bank may allocate $900 mln to Azerbaijan

03 July 2019 13:11 (UTC +04:00)

Amount of funds to be allocated to Azerbaijani government within the framework of the new five year Country Partnership Strategy approved by the Asian Development Bank (ADB) for Azerbaijan is under determination, ADB’s Baku office told APA.

Calculations are underway about this issue at the present moment.

According to preliminary calculations, ADB may allocate $900 mln credit to the Azerbaijani government.”The amount will be known and approved after about a month."

Note that ADB’s new CPS, operational from 2019–2023, will focus on three strategic priorities to support Azerbaijan: boosting private sector development, raising public sector efficiency, as well as improving infrastructure and strengthening human capital.

Recall that since joining ADB in 1999, Azerbaijan has received about $4.2 billion in sovereign and nonsovereign loans, guarantees, and technical assistance for transport, energy, public sector management, water supply and sanitation, finance, agriculture and natural resources, and health projects and programs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.