Azerbaijan spends almost half of ADB loans
Baku, Azerbaijan, March 7
By Azad Hasanli - Trend:
As of Jan. 1, Azerbaijani government spent $784.3 million, or 48.6 percent of loans of the Asian Development Bank (ADB), a report on the activities of the Azerbaijani Cabinet of Ministers in 2015, which will be discussed at the Azerbaijani parliament March 15, said.
Since 1999, ADB allocated $1.6 billion for 11 projects to Azerbaijan, four of which have already been implemented. The total cost of the seven projects, which are currently being implemented, is $1.46 billion.
Azerbaijan returned $41.2 million of used loans, according to the results of 2015.
In 2015, ADB allocated $150 million for the construction and reconstruction of water supply systems of Azerbaijani Agjabedi district and Nakhchivan city, $250 million - for construction of the Jalilabad-Shorsulu part of the Alat-Astara highway - border with Iran, $800,000 - for preparation of the project on the investment program for improvement of electricity distribution.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, the bank has 67 members. Azerbaijan is an ADB member since Dec. 22, 1999. The country's share in the bank's capital is 0.5 percent.
Japan and the US (31.2 percent of the total capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) are ADB's main shareholders.