Azerbaijan, Baku, August 6 / Trend A. Akhundov /
Private sector financing will become a new priority for the strategy of the Asian Development Bank's activity (ADB) in Azerbaijan. A mission of the bank, which arrived in Azerbaijan to work out a new Country Partnership Strategy, has recently completed its work, the Asian Development Bank (ADB) said on Tuesday.
ADB experts discussed the draft document with representatives of government, civil society, analytical centers and entrepreneurship. The strategy will cover the period from 2014 to 2018.
ADB chief economist David Oldfield said that the comments and proposals of concerned sides will allow improving the project and prepare its final version in early next year.
"The proposed project will meet the infrastructure needs of the country and provide information services necessary for such a country with high average income as Azerbaijan," Oldfield added.
As a result of assessing the existing needs and discussions with the government, the bank determined such priority areas for funding as transport, municipal infrastructure and services, energy, support for the private sector. This means that the ADB will continue its activity in the field of infrastructure development.
"Such new priority as the support of the private sector stipulates that in the future, ADB will deliver loans to banks and expand trade finance operations," a statement said.
The ADB was established in 1966 and has 67 members. The headquarters of the bank is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999. The country's participation share in the bank's capital is 0.5 percent.
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