ADB to allocate grants worth $4.1M to Azerbaijan

ADB to allocate grants worth $4.1M to Azerbaijan

Baku, Azerbaijan, April 10

By Anvar Mammadov - Trend:

The Asian Development Bank (ADB) will allocate grants worth $4.1 million to Azerbaijan for the development of energy, transport, finance, education, water area, as well as public administration in 2015-2017, the ADB said.

These funds will be allocated as part of the business plan for transactions in Azerbaijan in 2015-2017, the statement said.

In particular, ADB will allocate a grant worth 800,000 manat to Azerbaijan for the preparation of the "Power distribution improvement project".

ADB will allocate three grants totaling $2 million to Azerbaijan in 2016. The first grant worth $1 million will be directed to prepare the "Railway sector investment project". The second grant worth 500,000 manat will be directed to support the second "Water supply project". Another grant worth 500,000 manat will be directed to support improving the governance effectiveness.

Azerbaijan will receive two ADB grants totaling $1.3 million in 2017. The first grant worth $500,000 will be directed to promote the financial integration, the second grant ($800,000) for the development of the education sector.

ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

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

follow the author on Twitter: @Anvar_Mammadov

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