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ADB to Allocate Up to 500 Million USD for Projects in Azerbaijan Within Three Years

The Asian Development Bank (ADB) plans to allocate around $500 million for state projects in Azerbaijan within the next three years.

The allocation of this amount is envisaged by the draft business plan for the Bank's operations in Azerbaijan for the years 2014-2016, which has already been agreed with the government and will be submitted for consideration of the Board of Directors in January 2014.

ADB will maintain the rate of annual financing of state projects in Azerbaijan at the level of $155 million as reflected in the current business plan, according to the head of ADB's Baku office Olli Norojono.

"However, this figure is not fixed, we can allocate more money or less. For example, the Board of Directors approved the allocation of $150 million in 2013 and $250 million in 2011," Norojono said.

The bank will provide technical assistance totaling $5 million within three years, according to Norojono.

ADB's active portfolio in Azerbaijan is about $ 1.2 billion today, while in 2010 it was $500 million, Norojono said.

Source: Trend

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