Baku, Azerbaijan, Mar.10
By Elyaz Shafiyev - Trend:
Azerbaijan signed 15 credit agreements worth $1.615.4 million with the bank since the beginning of cooperation with the Asian Development Bank (ADB) in 1999 and January 1, 2015, said the report of the Azerbaijani government on the results of 2014, which is submitted to the Milli Majlis (Parliament) of the country.
ADB loans were drawn within 10 projects, the implementation of four projects has already been completed. These projects are the following ones: "Measures of protection against floods," "Reconstruction of water and sewage systems" (in the cities of Agdash, Goychay and Nakhchivan), "Reconstruction of the road East-West," "The construction of ring roads in Ganja". Implementation of the six projects continues, according to the report.
The implementation of two more projects will begin in 2015 (procedures for the entry into force of the relevant agreements for the implementation of the mentioned projects signed in November 2014 and December 2014, will be completed in 2015).
The total amount of credit funds spent within the framework of the already completed projects amounted to $145.9 million. The total amount allocated to finance still unfinished projects is $1.069.5 billion.
As of January 1, 2015, some $596.2 million from ADB funds allocated under the signed loan agreements has been spent, which is approximately 36.6 percent of the total amount of credits allocated by the bank.
Some $171.2 million was spent of the total amount of credits allocated by ADB for Azerbaijan in 2014.
Azerbaijan also intends to attract ADB loan in the amount of $45 million on projects to develop road transport network, within the framework of which it is planned to build four bridges on the road Agstafa-Poylu and local roads. The appropriate powers for the implementation of projects have been provided by the Cabinet of Ministers of Azerbaijan on April 16, 2014. Both projects were approved by the government June 20, 2014.
In addition, the decision of the Cabinet of Ministers of December 29, 2014 gave powers to sign an agreement on the implementation of projects under the second investment program for the development of road transport network. Both agreements were signed on the same day.
The report said that repayment of ADB loans allocated under the projects "Measures of protection against floods," "Reconstruction of the road East-West," "Reconstruction of water and sewage systems" (in the cities of Agdash, Goychay and Nakhchivan), "The construction of ring roads Ganja," "Development of the transport system" has begun. The total amount of payments on the main loan amounted to $28.6 million.
The Asian Development Bank was founded in 1966 and has 67 members. ADB's headquarters is located in Manila, Philippines. Azerbaijan became its member on December 22, 1999. The country's share in ADB's capital is 0.5 percent.
The leading shareholders of ADB are Japan and the US (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
The active portfolio of ADB in Azerbaijan is $1.224 billion.
Edited by CN