The Asian Development Bank (ADB) today approved a $250 million loan to the Government of Azerbaijan to help implement its comprehensive plan to mitigate the adverse health, social, and economic impacts of the coronavirus disease (COVID-19) pandemic, ADB told APA-Economics.
“The continuing effects of the COVID-19 pandemic threaten to upend the significant gains Azerbaijan has made in improving its economy and reducing poverty,” said ADB President Masatsugu Asakawa. “ADB remains fully committed to supporting Azerbaijan and this program will help the government maintain its pandemic response measures, protect the poor and vulnerable, and lay the foundations for economic recovery.”
The loan is funded through the COVID-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility. CPRO was established as part of ADB’s $20 billion expanded assistance for its developing member countries’ pandemic response.
The Asian Infrastructure Investment Bank is working to provide a cofinancing loan of $100 million, subject to board approval, to support the government’s pandemic response along with the CARES Program.