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ADB moves to strategic activity planning in Azerbaijan

Business Materials 6 December 2010 17:16 (UTC +04:00)

Azerbaijan, Baku, Dec.6 / Trend, I.Khalilova /

Asian Development Bank (ADB) intends to build its business activity in Azerbaijan based on a strategy in the future, ADB Baku Office said.

ADB plans first to develop a strategy for activity in Azerbaijan.

"Preparation of the strategy will start from next year. It will be designed for three years and before that a business plan that will cover a two-year period will be drawn up," the office said.

The bank doesn't plan to change the country's priorities. ADB is implementing projects in both public and private sectors of the country, in energy, transport, urban development. The bank is interested in lending of the projects in the energy and transport sectors in Azerbaijan.

As the Baku Office said in the future, the bank is also planning to review ADB's current portfolio in Azerbaijan for the first time.

Azerbaijan joined the ADB in December 1999.

The bank determined the transport, energy and water spheres as priorities for lending in the country in 2010. As of early 2010, the ADB's loan portfolio on 14 projects hits $660.4 million. During the period of cooperation the ADB granted $ 13.122 million to the Azerbaijani government and local companies.

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.

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

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