...

Terms of ADB loan to Azerbaijan differ from that of other loans

Business Materials 8 December 2016 19:04 (UTC +04:00)
The terms of the loan provided by the Asian Development Bank (ADB) to Azerbaijan, aimed to support the economic growth, will differ from the terms of other borrowings

Baku, Azerbaijan, Dec. 8

By Anvar Mammadov – Trend:

The terms of the loan provided by the Asian Development Bank (ADB) to Azerbaijan, aimed to support the economic growth, will differ from the terms of other borrowings, Nariman Mannapbekov, head of ADB office in Azerbaijan, told Trend.

Mannapbekov said the loan will be granted as part of the Countercyclical Support Facility (CSF).

He added that the CSF terms can be slightly tougher than the terms of other ADB facilities.

ADB approved a $500-million loan for Azerbaijan on Dec. 7 which is designed to cover social maintenance, creating jobs and diversifying the economy to mitigate the adverse impact of crash in oil prices.

In addition to the loan, ADB will provide technical assistance of $1.2 million to help design reforms in macro-fiscal management, state-owned enterprises and in the finance sector.

ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

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

Tags:
Latest

Latest