Azerbaijan uses over 40% of ADB loans

Business Materials 6 March 2014 19:36 (UTC +04:00)

Baku, Azerbaijan, March 6

By Abbas Akhundov - Trend:

Azerbaijan, since the onset of its cooperation with the Asian Development Bank (ADB) in 1999, has signed with the bank 13 loan agreements worth $1347.4 million.

In general, the bank approved issuance of $1639.9 million for projects in Azerbaijan, according to the government's report on results of 2013, submitted to the country's parliament.

Loans were raised as part of 10 projects. Realization of four projects out of these, have been completed.

Some $571.4 million has been used as of January 1, 2014; this is equal to 42.4 percent of all the funds provided by the ADB.

The Asian Development Bank was established in 1966 and has 67 members.

Azerbaijan became a member of the ADB on December 22, 1999. The country's participating share in the bank's capital is 0.5 percent.

The bank's active credit portfolio for the country reached $1.2 billion.

Japan and the U.S. (31.2 percent of the total share capital), India and China (12.8 percent), Australia and South Korea and Canada (16 percent) are ADB's leading shareholders.

Translated by E.A.

Edited by C.N.