Azerbaijan, Baku, Oct.17 / Trend, N.Ismayilova /
A mission from the Asian Development Bank (ADB) will evaluate the ongoing ADB loans and investigate possible new lending to private banks, the bank's press release says on Monday.
The Mission will stay in the country on Oct.17-22.
The Mission will meet with representatives of private banks that received ADB loans to assess how the banks managed the loan. The mission will also assess the loan effectiveness in supporting Azerbaijan's small and medium enterprises and private businesses in general. The ADB team will also carry out due diligence in the banking sector in order to expand the ADB private sector lending operation in Azerbaijan
"ADB's overarching goal is to reduce poverty by promoting inclusive growth, environmentally sustainable growth, and regional Integration. We have identified the private sector as a key driver for change in Asia. It is therefore critically important to strengthen the banking sector including in Azerbaijan to enhance the private sector role in development. This is where we can contribute effectively," Olly Norojono, the ADB's Resident Representative, said.
ADB was established in 1966. ADB has 67 members, of which 48 were drawn from Asia and the Pacific region.
ADB is headquartered in Manila, Philippines and has offices worldwide including representative offices in North America (Washington, DC), Europe (Frankfurt), and Japan (Tokyo).