ADB removes Azerbaijan from group of preferential loan borrowing nations

Business Materials 17 October 2013 16:16 (UTC +04:00)

Azerbaijan, Baku, Oct. 17 /Trend, A. Akhundov /

The Asian Development Bank (ADB) has tightened lending conditions for Azerbaijan, head of the ADB's Baku office Olly Norojono told Trend on Thursday.

The ADB's Board of Directors made this decision in the summer of 2013, he said.

Azerbaijan still has had access to the resources of both the Asian Development Fund (ADF), which are provided on preferential terms, and ordinary capital resources. From now on, the country can borrow ADB funds only on normal lending terms.

"Azerbaijan has already reached a certain level of development and is not included in the category of countries needing preferential loans, Norojono said.

According to him, in the future, Azerbaijan may reach such a level at which the ADB will cease providing the country with financial resources all together.

For example, Singapore, which was formerly an ADB borrowers, also took such a path, head of the ADB's Baku office said.

The ADB was established in 1966 and has 67 members. The headquarters of the bank is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999. The country's participation share in the bank's capital is 0.5 per cent.