ADB announces date for approving five-year strategy for operations in Azerbaijan

Business Materials 17 October 2013 16:24 (UTC +04:00)

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

The Asian Development Bank (ADB) is planning to pass the first strategy for operations in Azerbaijan in the first quarter of 2014, head of ADB Baku office Olly Norojono told Trend on Thursday.

According to Norojono, ADB is working towards a five-year strategy including detailed business plans. However, the bank has conducted its operations in Azerbaijan on the basis of intermediate documents for the last 10 years. Its first strategy in the country will cover the period from 2014 to 2018.

The bank previously planned to adopt a strategy by the end of this year, but postponed this for some reason, he said. ADB completed consultations with the government in July and plans to submit a document to the Board of Directors informally in November and officially in December 2013 - January 2014. The document is expected to be approved in the first quarter.

"The main directions of the strategy will include the traditional areas of the bank's activity in Azerbaijan such as transport, energy and urban services," he added. "That is, our activity will focus on infrastructure projects."

Established in 1966, ABD consists of 67 members. The company's HQ is located in Manila, Philippines. Azerbaijan was granted membership on December 22, 1999 and the country's share of the bank amounts to 0.5 per cent.