Azerbaijan, Baku, Nov. 1 / Trend N. Ismayilova /
The Asian Development Bank (ADB) appointed Olly Norojono as the new director of its office in Azerbaijan. His candidacy was approved by the government in late October, the ADB said.
He will pay a 3-4-week visit to Azerbaijan in mid-November and move to Baku in January 2011.
Earlier Norojono served as an ADB senior transport economist for Central and West Asia.
The ADB office in Azerbaijan has operated without a leader since October 2006.
Until September 2007, the total portfolio of ADB- financed projects under state guarantee was $104 million. Three projects have been financed by the ADB in Azerbaijan since 1999.
However, as a result of the approval of the Multitranche Financing Facility (MFF) funding for transportation projects worth $500 million, the portfolio has increased to $304 million.
The ADB granted credit worth $160 million in 2008 for energy projects and $55.4 million for road projects. As a result, the ADB portfolio for Azerbaijan increased to $519.4 million. After the approval of credit for the water sector, the portfolio hit $964,4 million.
The ADB is a major player in the direct funding of the Azerbaijani banking sector.
Today, the ADB has approved credit lines for Azerbaijani banks worth $56 million, excluding loan agreements signed this week with five banks for the Trade Finance Program and the issuance of revolving loans. However, plans to expand the banking sector portfolio to $120 million have been delayed due to global processes.
A loan allocated for a cement plant was the first ADB investment in infrastructure in the private sector of Azerbaijan.
The ADB was established in 1966. It has 67 members. Its headquarters are located in Manila in the Philippines. Azerbaijan joined the ADB in December 1999 and its share in the bank's capital is 0.5 percent.