New ADB representative takes office in Azerbaijan
Azerbaijan, Baku, Nov. 18 / Trend I. Khalilova /
The new director of the ADB's office in Azerbaijan arrived in Baku today.
Olly Norojono's candidacy was approved by the government in late October, the office said.
"From tomorrow, Norojono takes office," the office added.
He will stay in Azerbaijan until mid-December and move to Baku in January 2011.
Earlier, Norojono served as an ADB senior transport economist for central and western 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.