ADB approves business plan for Azerbaijan
Azerbaijan, Baku, June 24 / Trend /
The Asian Development Bank (ADB) has approved the first business plan for 2011-2013 for operations in Azerbaijan.
A new partnership strategy with Azerbaijan will be developed next year for the first time.
According to a new plan, the ADB will allocate $340 million for 2011.
According to the plan, the ADB will continue supporting projects in transport, energy, urban water supply and sewerage, and urban services.
The ADB will allocate new loans for Masalli-Astara highway construction in the transport sector.
The bank also considers financing the reconstruction of the main highway between Baku and Georgia, which is considered the main corridor of the Central Asia Regional Economic Cooperation (CAREC).
The investment program in the energy sector will strengthen and modernize the national distribution network, to improve reliability of energy supply, to reduce distribution losses while distributing electricity, and to improve financial, managerial and operational
aspects of the energy sector.
The ADB will continue assisting the Azerbaijani government to improve water supply and sewage systems in the cities of secondary importance in the field of urban services. ADB may also consider funding the projects in urban transport.
"During the preparation of a business plan, we consulted with the Azerbaijani government," the head of the ADB office in Azerbaijan Olly Norojono said. "The business plan will focus primarily on infrastructure projects that are a priority for the Azerbaijani
The ADB is implementing projects in both the public and private sectors in energy, transport and urban development. Azerbaijan joined the ADB in 1999.
The ADB's active loan portfolio in the country is $680 million.
During the joint cooperation period, the ADB has provided the Azerbaijani government and local companies with grants totaling $13.122 million.
The ADB was established in 1966 and has 67 members. The bank is headquartered in Manila, in the Philippines. The share of Azerbaijan's participation in the bank's capital is 0.5 percent.