ADB ready to allocate over $800M to projects in Azerbaijan

Fri 14 Sep 2018 04:02 GMT | 08:02 Local Time

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The Asian Development Bank (ADB) is ready to allocate $815 million to projects in Azerbaijan in 2019-2021, the bank's business plan reads.

The business plan, which is designed for 2019-2021, envisages the allocation of funds to projects in energy, education, finance, ICT, public sector management, water and other urban infrastructure and services, Trend reports.

Special attention is paid to the modernization of the country's energy system ($335 million) and the improvement of public administration ($250 million).

During the period, the bank also intends to provide technical assistance worth $5 million.

The business plan emphasizes that the Asian Development Bank will continue to support Azerbaijan's initiatives on regional cooperation and integration.

Azerbaijan became an ADB member in 1999. The country's share in the bank's capital is 0.5 percent.

Since 2003, ADB has approved loans worth over $4 billion for Azerbaijan for implementation of over 30 projects in the public and private sectors. ADB has also implemented technical assistance projects totaling almost $30 million in the country.

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