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ADB to Allocate $2.24 B to Azerbaijan during 3 Years

The Asian Development Bank (ADB) has approved a business plan for operations in Azerbaijan for 2016-2018, the bank said Dec.14

The text of the business plan was published on the bank's website.

In accordance with the new business plan, Azerbaijan will receive funds from ADB for 2016-2018 only as ordinary capital resources.

The estimated cost of the ADB loan program in Azerbaijan for 2016-2018 is $2.24 billion. The total cost of the projects, taking into account the interest of the Azerbaijani government, is $3.08 billion.

ADB funds will be spent on water, transport (road and railway), as well as energy projects.

The total volume of technical assistance, which will be provided by the Asian Development Bank in 2016 and 2017, amounts to $3.8 million. The business plan doesn't envisage funds for 2018.

The funds of technical assistance are intended for the preparation of the investment program in the field of railway, multitranche water supply and sewerage services funding program, promotion of financial integration, support for improved governance, the drafting of the education sector development project.

ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).

Source: Trend

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