ADB ready to support business, banking sector in Azerbaijan

Business Materials 5 December 2016 17:28 (UTC +04:00)

Baku, Azerbaijan, Dec. 5

By Azad Hasanli – Trend:

The Asian Development Bank (ADB) is ready to support small and medium-sized enterprises (SMEs) in Azerbaijan, a source in the country’s government told Trend Dec. 5.

ADB offers to support business by opening credit lines for local banks, according to the source.

“Thus, the ADB wants to provide support to banks in Azerbaijan and contribute to the development of SMEs,” said the source.

At the same time, the source noted that Azerbaijan’s government currently doesn’t hold any discussions with the ADB regarding any concrete project.

“The ADB has expressed readiness to lend to SMEs in Azerbaijan, but we have to consider how this funding will affect our external debt,” the source in Azerbaijan’s government said. “In this context, the government has decided not to appeal to the ADB for the financing of the project for now.”

Azerbaijan became the ADB member on Dec. 22, 1999.