Baku, Azerbaijan, Dec. 22
By Azad Hasanli – Trend:
Azerbaijan’s government and the Asian Development Bank (ADB) signed an agreement on a $500-million loan, according to the document posted on the ADB website.
The loan, signed into an agreement on Dec. 8, was approved by the ADB on Dec. 7. It is designed to cover social maintenance, creating jobs and diversifying the economy to mitigate the adverse impact of decrease in oil prices.
The loan will be allocated in one tranche.
The interest rate on the loan is LIBOR plus 2 percent. Interest payments must be made twice a year – on February 15 and August 15. Azerbaijan will also need to pay a commission of 0.75 percent each year.
This commission will accrue on the full amount of the loan (after deduction of the repaid part of the loan) 60 days after the date of signing of the agreement.
In accordance with the terms of the agreement, Azerbaijan’s government can at any time ask the bank to change the interest rate, as well as to set restriction on floating interest rate.
The loan must be repaid in four tranches of 25 percent per each installment starting from 2020 and before August 15, 2021.
Terms of the loan provided by the ADB to Azerbaijan, aimed to support the economic growth, will differ from the terms of other borrowings, Nariman Mannapbekov, head of ADB office in Azerbaijan, earlier told Trend.
Mannapbekov said the loan will be granted as part of the Countercyclical Support Facility (CSF) and that the CSF terms could be slightly tougher than the terms of other ADB facilities.
In addition to the loan, ADB will provide technical assistance of $1.2 million to help design reforms in macro-fiscal management, state-owned enterprises and in the finance sector.
ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Azerbaijan became the ADB member on Dec. 22, 1999.
Latest
-
Uzbekistan reveals grape exports for past four years
-
Türkiye's entrepreneurs purchase textile products from Turkmenistan
-
Kazakh-Japan uranium producer opens tender to buy sulfuric acid
-
Turkmenistan discloses bank ranking based on POS terminal quantity
-
COP29 President-Designate visits COMSATS headquarters in Pakistan
-
Dynamics of trade turnover between Turkmenistan and Denmark over past six years
-
Pakistani PM invited to COP29
-
Turkmenistan's Central Bank reveals number of domestic POS terminals
-
Uzbekistan's Payme shares payment volume in 1Q2024
-
President Ilham Aliyev presents apartment keys to first residents in Shusha (PHOTO)
-
Turkmenistan reveals onion sown areas in Lebap region
-
Azerbaijan Army holds series of events on occasion of 101st anniversary of birth of Great Leader (VIDEO)
-
Paris Saint-Germain plans to strengthen attacking line in new season with Swedish player
-
Afghanistan multiplies electricity import from Turkmenistan
-
Pan-African Alliance praises Azerbaijan's leadership in global climate action
-
Visit of some ambassador to Shusha should not be portrayed as favor to us - President Ilham Aliyev
-
Azerbaijan's Aghdam Industrial Park creates infrastructure network (PHOTO)
-
EIA forecasts robust growth in US metallurgical coal exports through 2025
-
Türkiye counts volume of exports of its automobile industry products to Kazakhstan
-
Thanks to National Leader’s activity we embarked on a path of development - President Ilham Aliyev
-
Washington D.C. to host int'l forum on Middle Corridor development
-
We never wanted war, and we don't want it today either - President Ilham Aliyev
-
President Ilham Aliyev’s warning: If we see that weapons given to Armenia reach critical level, then, let no one have any hard feelings
-
Return of occupied lands in Gazakh and conducting delimitation and demarcation on our terms is another victory - President Ilham Aliyev
-
Turkmenistan’s ministry opens tender for purchase of medical supplies
-
We are the leading state in the Caucasus, and everyone should reckon with us - President Ilham Aliyev
-
Baku based TRACECA meeting addresses Caspian Sea shipping topics
-
Life will be brought back to at least 20 residential areas before year-end - President Ilham Aliyev
-
Karabakh, Eastern Zangezur to become one of most beautiful places worldwide - President Ilham Aliyev
-
President Ilham Aliyev highlights restoration of historical monuments during his meeting with Shusha residents
-
New history of Shusha begins today - President Ilham Aliyev (FULL SPEECH)
-
War could not have ended successfully without Shusha - President Ilham Aliyev
-
President Ilham Aliyev congratulates Shusha residents on their returning to native land
-
Our people have demonstrated such heroism that today, whole world talks about sons of Azerbaijan - President Ilham Aliyev
-
Kazakhstan discloses plans to repair heat supply networks in 2024
-
Uzbekistan's water resources expected to decrease by 2030
-
President Ilham Aliyev participated in inauguration of small hydropower stations (PHOTO)
-
President Ilham Aliyev meets with Sus village natives (PHOTO)
-
Kazakhstan reveals volume of coal production in 2023
-
Russia's Bashkortostan eyes enhancing co-op with Azerbaijan in beekeeping (Exclusive)
-
Coach pleased with my performance at Baku Championships - young Azerbaijani gymnast
-
President of Kazakhstan signs decree on measures to liberalize economy
-
Türkiye appeals to Azerbaijan for opening consulate in Shusha - ambassador
-
Azerbaijan considers involvement of Swiss companies in reconstruction of Karabakh, Eastern Zangezur (PHOTO)
-
StrategEast shares plan on projects in Central Asia (Exclusive)
-
Uzbekistan plans to establish economic terminal in Lithuanian port
-
President Ilham Aliyev lays foundation stone for Turshsu settlement in Shusha district (PHOTO)
-
UN climate expert specifies private companies eligible for COP29
-
Supportive family members' attendance proves utmost important - young Azerbaijani gymnast
-
Baku-Tbilisi-Ceyhan sees increase in oil transportation
-
Azerbaijani student-developed UAV makes maiden flight
-
President Ilham Aliyev views construction progress of Khankendi-Shusha-Lachin highway (PHOTO)
-
Kazakhstan rounds off building two airport passenger terminals
-
Operating expenditures on Baku-Tbilisi-Ceyhan plummet year-on-year
-
Right setting for contests paves way to success - Baku Championship medalist
-
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of first residential complex, meet with residents in Shusha (PHOTO/VIDEO)
-
Azerbaijan living through most glorious period of its history - political scientist
-
National Bank of Kyrgyzstan discloses targets for inflation in 2024
-
Supporting COP29, Azerbaijan hosts massive tree-planting event
-
President Ilham Aliyev, First Lady Mehriban Aliyeva attend inauguration of Mamayi Mosque in Shusha (PHOTO)
-
President Ilham Aliyev, First Lady Mehriban Aliyeva review ongoing restoration work at Ashaghi Govhar Agha Mosque in Shusha (PHOTO)
-
UN climate envoy shares recommendations for private companies
-
Uzbekistan to establish leather clusters in its districts
-
Kyrgyzstan considers temporary ban on sugar exports
-
Türkiye discloses passenger turnover of Istanbul Airport in April 2024
-
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of Shirin Su Bathhouse in Shusha (PHOTO)
-
Caterpillar Financial Services Corporation to allote funds in Azerbaijan
-
Kyrgyzstan plans to export large batch of cherries to China
-
Great to feel competitive atmosphere - entrant to Baku Championship in Men's Artistic Gymnastics
-
President Ilham Aliyev, First Lady Mehriban Aliyeva examine ongoing restoration work at Uzeyir Hajibeyli House Museum in Shusha (PHOTO)
-
President Ilham Aliyev, First Lady Mehriban Aliyeva inspect restoration works at Chol Gala Mosque in Shusha (PHOTO)
-
UN expert outlines measures to tackle global warming
-
Azerbaijan boosts air passenger traffic
-
AZAL Staff Pays Tribute to the Memory of the Great Leader Heydar Aliyev (PHOTO)
-
Almaty discussions to significantly improve normalization of Azerbaijani-Armenian relations - FM
-
Turkmen energy enterprises showcase innovations at Dubai exhibition
-
Joint efforts with Armenia on demining border areas underway - Azerbaijani FM
-
President Ilham Aliyev, First Lady Mehriban Aliyeva participate in groundbreaking ceremony for third residential complex in Shusha (PHOTO)
-
Regular normalization meetings play crucial role in Azerbaijan-Armenia peace agreement - FM
-
Tajikistan, China agree to modernize Tajik Aluminum Company
-
Capex, opex on South Caucasus Pipeline drop y-o-y
-
Almaty hosts meetings of FMs of Azerbaijan, Armenia and Kazakhstan (PHOTO)
-
First VP Mehriban Aliyeva shares post on occasion of 101st birth anniversary of National Leader Heydar Aliyev (PHOTO)
-
COP29 represents new platform for cooperation - Azerbaijani FM
-
Azerbaijan's parliamentary election likely to be held earlier - CEC chair
-
Azerbaijanis visit tomb of National Leader Heydar Aliyev (PHOTO)
-
TBC Bank Uzbekistan reveals gross loans volume in 1Q2024
-
COP29 stands as largest event in Azerbaijan's history - official
-
Shifting to renewable energy sources incurs significant costs - bp VP for Caspian region
-
FMs of Azerbaijan and Kazakhstan meet (PHOTO)
-
Volume of production from Shah Deniz revealed
-
Turkmenistan and Afghanistan establish working groups for TAPI project coordination
-
President Ilham Aliyev inspects construction progress of Ahmadbayli-Fuzuli-Shusha highway, attends opening of first tunnel (PHOTO/VIDEO)
-
EIA anticipates rebound in US coal production
-
Kazakh and Dutch businesses ink slew of deals
-
President Ilham Aliyev attends inauguration of Kondalanchay reservoir in Fuzuli district (PHOTO/VIDEO)
-
Two concurrent COP29 preparations underway - deputy minister
-
ISESCO to open regional office in Azerbaijan
-
bp increases capex, opex on Shah Deniz
-
Kazakhstan, Dutch VISCON come to terms over automated center building
-
Azeri-Chirag-Guneshli boosts associated gas deliveries to SOCAR
-
Air visitors to Azerbaijan multiply
-
bp shares data on ACG production in 1Q 2024
-
Azerbaijan's Asan Xidmet to inaugurate in Shusha
-
United Nations to back Azerbaijan's successful performance at COP29 - official
-
bp discloses capex and opex on ACG
-
Turkmenistan state bank negotiates investment with overseas partners
-
Uzbekistan reveals volume of leather industry’s production in 2023
-
Kazakhstan to boost investment attractiveness of energy sector in 2024
-
Developing countries need funding to reduce greenhouse gas emissions - deputy minister
-
Heydar Aliyev ensured favorable international context for independent Azerbaijan's security - PM
-
Kazakhstan, Azerbaijan, Uzbekistan start developing feasibility study for energy connectivity project
-
Turkmenistan explores investment and trade opportunities with Pakistan's province
-
ISESCO addressing change-related complex tasks - director-general
-
Azerbaijan's PASHA Holding stars as one of UN's key partners towards COP29 preparation
-
Final day of Baku Open Gymnastics Championship and Open Championship kicks off
-
No final decision adopted on date of Azerbaijan's parliamentary election - official
-
Work on construction of seismic station completes in Azerbaijan's Shusha - official
-
Azerbaijani experts to learn to predict tomorrow and create scenarios - ADA's vice rector
-
Kazakhstan's KazMunayGas, Dutch company agree on remote mooring devices
-
Chinese Universal Energy to build wind farms in Uzbekistan
-
Restoration of Zangezur route to ensure East-West corridor fully operational - Azerbaijani PM
-
President Ilham Aliyev, First Lady Mehriban Aliyeva visit tomb of Great Leader Heydar Aliyev in Alley of Honor in Baku (PHOTO/VIDEO)
-
Türkiye and ExxonMobil ink LNG purchase deal
-
Azerbaijani FM leaves for Kazakhstan on working visit
-
President Ilham Aliyev makes post on 101st birth anniversary of Great Leader Heydar Aliyev (PHOTO)
-
Crown Prince of Saudi Arabia to visit Japan
-
Russian President Vladimir Putin submitts Mishustin’s candidacy for prime minister post
-
ADB updates data on Kyrgyzstan's sovereign loan portfolio
-
Uzbekistan, ACWA Power sign agreement on construction of wind power plant
-
Azerbaijan celebrates 101st anniversary of birth of national leader Heydar Aliyev
-
US stops sending more than three thousand aerial bombs to Israel
-
Turkmenistan discloses total areas for potato planting in Halach district
-
Kyrgyzstan's trade with Russia down
-
Kazakhstan significantly boosts trade with Asian countries over half-decade (CHART)
-
Bayer reaches Europa League final
-
Turkmenistan keeps selling another sizable supply of base oil to foreign entrepreneurs
-
Fight for victory was not easy – gold medalist of Baku championship in women's artistic gymnastics
-
Analysis of Turkmenistan's six-year import trends in mechanical, electrical equipment from Germany
-
Another Azerbaijani wrestler to participate in Paris-2024 Summer Olympic Games
-
Azerbaijan set to launch accelerator program to ease IPO access
-
Scandinavian Airlines plane makes emergency landing in Baku
-
Turkmenistan's Lebap boosts greenhouse vegetable and garden product output
-
Armenian opposition plans to begin impeachment proceedings against Pashinyan
-
Türkiye refutes information about easing trade sanctions against Israel
-
Azerbaijani wrestler wins license for Olympics in Paris
-
EU considers vital to raise alternative Kazakh oil supply routes - ambassador (Exclusive)
-
Most memorable moment of competition was presentation of awards – young Azerbaijani gymnast
-
Turkmenistan's repair plant exceeds production plan twofold
-
Binance mission considers re-visiting Kyrgyzstan (Exclusive)
-
Anatolian Phoenix - 2024 int'l search, rescue drills continue in Türkiye's Konya (VIDEO)
-
Open Baku Championship revealed need for further training on my part - Azerbaijani bronze medalist
-
US natural gas consumption to hold steady in 2024 - EIA
-
Open Baku Championship competitors turned out formidable - Azerbaijani gymnast
-
South Asian travelers to Azerbaijan vastly multiply
-
I'm gearing up for World Challenge Cup Series in Bulgaria, Slovenia - Azerbaijani athlete
-
Uzbekistan shares volume of yielded vegetables in 1Q2024
-
Fragments of human bones found in Azerbaijan's Malibeyli village
-
Turkmenistan extends tender for ammonia production facilities' modernization
-
Russian border guards stay on Armenia's borders with Iran, Türkiye at Yerevan's request - Kremlin