ADB approves $500 million to support Azerbaijan's economy

ADB approves $500 million to support Azerbaijan
# 07 December 2016 07:25 (UTC +04:00)

Baku – APA-Economics. The Asian Development Bank (ADB) today approved a $500 million loan to help Azerbaijan maintain social spending, create jobs, and diversify its economy to mitigate the adverse impact of a crash in oil prices, APA-Economics reports citing to bank’s website.

“ADB’s countercyclical support is critical for Azerbaijan’s economy now and will help promote sustainable development and inclusive growth over the longer-term,” said Sean O’Sullivan, Director General of ADB’s Central and West Asia Department. “Transforming Azerbaijan into a dynamic and diverse economy will need major improvements in public sector efficiency, the ease of doing business and competition."