Azerbaijan, Baku, March 13 / Trend, A.Akhundov /
The Asian Development Bank (ADB) signed 10 loan agreements on seven projects in the country totaling $596.9 million since the beginning of cooperation with Azerbaijan to Jan.1, 2012, the government's report on the results of 2011, submitted to the parliament, says.
Implementation of the three projects has been completed, while implementation of four projects is underway.
Before Jan.1, 2012, $253.5 million or 42.5 percent of the total volume of the allocated loans was spent. In 2011, ADB loans in the amount of $108.6 million were used.
Azerbaijan began to pay off debts under the credit agreements on the completed projects ("Actions against floods", "Reconstruction of the East-West highway" and "Reconstruction of water and sewerage systems in small towns").
As of Jan.1, 2012 the total amount of loans approved by ADB for Azerbaijan amounted to $1.094 billion.
Azerbaijan is a member of ADB since 1999.