Baku, Azerbaijan, Nov.5
By Maksim Tsurkov - Trend:
The issue of increasing the share of Azerbaijan's participation in the capital of the Asian Development Bank (ADB) may be considered under certain conditions, the President of ADB Takehiko Nakao told Trend Nov.4 in Baku during a press conference.
"The increase on the country's participation share is an issue that should be discussed directly with the shareholders," he said. "This happens when the issue of increasing the authorized capital of the bank is discussed. At the moment there are no plans to increase the capital of ADB, so for now, we're not considering to increase Azerbaijan's share."
Nakao said that given the growing of Azerbaijan's economy, the issue of increasing the share of the country in the authorized capital will be discussed by the shareholders in case if it is decided to increase the capital.
Currently, the equity participation of Azerbaijan in the capital of ADB is 0.46 percent, and the right to vote - 0.67 percent.
"Despite the fact that the share of voting is a bit higher than the equity participation, this ratio increases the weight of the voice of small countries," Nakao said.
As of September 2014, for the entire period of cooperation, in total, ADB allocated loans and grants amounting to $1.8 billion to the government of Azerbaijan and $143 million to the private sector.
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, Philippines.
Azerbaijan became the ADB member on Dec.22, 1999.
The leading shareholders of ADB are Japan and the U.S. (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).