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ADB to allocate $1 billion to Azerbaijan during three years

The Asian Development Bank (ADB) will allocate $945 million from its capital funds as part of the business plan for operations in Azerbaijan for 2011-2013, with approval by the ADB Board of Directors, the document posted on the official bank website said.

According to the business plan, the amount of funds for 2011 is set at $340 million, in 2012 for $355 million, and in 2013 for $250 million.

Technical assistance worth $2 million is provided.

The business plan for the development of operations in the country will be primarily focused on developing infrastructure. It has taken measures to reduce the adverse effects of climate change and greenhouse gas emissions. Priority areas are transportation, energy, water, and sewer services.

"Improving the transportation infrastructure will enhance efficiency and competition", the ADB report said. "It will also strengthen ties in the region within the Central Asia Regional Economic Cooperation (CAREC) zone and beyond it."

Azerbaijan has been an ADB member since 1999. Its active country credit portfolio reaches $680 million.

The ADB allocated grants totaling $13.122 million to the Azerbaijani government and local companies during the period of cooperation.

Source: Trend.az

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