ADB submits three-year business plan to Azerbaijan

Economy Materials 30 September 2014 16:26 (UTC +04:00)

Manila, Philippines, Sept. 30

By Emin Aliyev - Trend:

The Asian Development Bank submitted a draft business plan for operations in the country in 2015-2017 to the Azerbaijani government, the head of the ADB Baku office Olli Norojono told Trend Sept. 29.

"At present, the document is under consideration," he said. "We hope to get an answer and approve it as soon as possible."

Norojono did not specify the concrete date.

"The ADB is ready to allocate up to $752 million to implement the projects in Azerbaijan within three years," he said.

"These funds are available at the bank and will be allocated upon the requests and needs of the Azerbaijani government," he said. "If a larger volume of financing is required, ADB will seek additional sources of financing."

The Board of Directors of the Asian Development Bank approved a new strategy of cooperation with Azerbaijan for 2014-2018 Sept. 29.

ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).

As of late 2013, ADB allocated about $1.64 billion to implement 20 projects to Azerbaijan for the entire period of cooperation.

Edited by CN