ADB first to hold annual meeting of managers in Central Asia

Business Materials 13 January 2010 18:27 (UTC +04:00)

Azerbaijan, Baku, Jan. 13 / Trend I. Khalilova /

The forty third annual meeting of the Asian Development Bank's board of managers will be held in Tashkent (Uzbekistan) on May 1-4, 2010. It will be the first time a member country from Central Asia will host the event.

Some 3,000 participants, including government leaders, central bank governors and finance ministers, as well as representatives from the private sector, are expected to attend the event.

Minister of Economic Development Shahin Mustafayev is a manager in the bank from the Azerbaijani side. Minister of Finances Samir Sharifov is an alternative manager.

During these events a strategy of the bank's cooperation with Azerbaijan are discussed. The meetings with high-ranking employees of the bank are held.

Total portfolio of projects financed by ADB under the state guarantee hit $104 million till September 2007.

Azerbaijan has been cooperating with ADB since 1999. Since then, three projects have been financed.

The portfolio increased up to $304 million as a result of approving Multitranche Financing Facility (MFF) worth 500 million to finance transport projects.

In 2008, the bank also made a decision to grant two loans - $160 million for energy project and $55.4 million for road.

As a result ADB's portfolio on Azerbaijan has been formed to the amount of $519.4 million.

The portfolio increased up to $594.4 million after the loan worth $75 million from MFF for water sector worth $600 million was approved.

Besides accelerating the amount of financing under the state guarantee, ADB began to turn into a major player on direct financing of Azerbaijan's banking sector.

Today, ADB approved loan lines worth $56 million for Azerbaijani banks. But plans to expand portfolio on Azerbaijan's banking sector up to $120 million due tot the world processes are still postponed. 

The amount of technical aid via ADB exceeds $10 million.

Headquartered in Manila, and established in 1966, ADB is owned and financed by its 67 members. Azerbaijan became ADB member on Dec. 22, 1999. Its share in the bank's capital is 0.5 percent.

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