Baku, Azerbaijan, Dec. 22
By Azad Hasanli – Trend:
Azerbaijan’s government and the Asian Development Bank (ADB) signed an agreement on a $500-million loan, according to the document posted on the ADB website.
The loan, signed into an agreement on Dec. 8, was approved by the ADB on Dec. 7. It is designed to cover social maintenance, creating jobs and diversifying the economy to mitigate the adverse impact of decrease in oil prices.
The loan will be allocated in one tranche.
The interest rate on the loan is LIBOR plus 2 percent. Interest payments must be made twice a year – on February 15 and August 15. Azerbaijan will also need to pay a commission of 0.75 percent each year.
This commission will accrue on the full amount of the loan (after deduction of the repaid part of the loan) 60 days after the date of signing of the agreement.
In accordance with the terms of the agreement, Azerbaijan’s government can at any time ask the bank to change the interest rate, as well as to set restriction on floating interest rate.
The loan must be repaid in four tranches of 25 percent per each installment starting from 2020 and before August 15, 2021.
Terms of the loan provided by the 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, earlier told Trend.
Mannapbekov said the loan will be granted as part of the Countercyclical Support Facility (CSF) and that the CSF terms could be slightly tougher than the terms of other ADB facilities.
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 the ADB member on Dec. 22, 1999.
Latest
-
Tajikistan has huge solar energy potential - Asia Wind Energy Association
-
Azerbaijan's state agency to purchase software licenses via tender
-
Azerbaijan, Uzbekistan - important drivers of regional cooperation, analyst says
-
Iranian currency rates for July 6
-
Azerbaijani currency rates for July 6
-
Kazakhstan sees increase in gasoline production
-
Uzbekistan shares data on volume of trade turnover with CIS countries for 5M2022
-
Kyrgyzstan's electricity production down in 5M2022
-
Tajikistan reveals profits from gold exports
-
360 new Covid-19 cases, 123 recoveries reported in Kazakhstan in 24h
-
Qatari FM due in Tehran on Wednesday
-
Canada swiftly ratifies protocol for Finland, Sweden to join NATO
-
Azerbaijan capable of attracting majority of cargo turnover between Türkiye and Central Asian countries to TITR
-
India's Health Minister hails vaccine drive as over 90 per cent of Indian adults fully jabbed
-
Türkiye objects to obstacles blocking visas from EU countries
-
U.S. oil ends below 100 USD per barrel
-
New Indian diplomats for key countries
-
Nadhim Zahawi appointed UK finance minister
-
Suspect in July 4 parade shooting charged with 7 counts of 1st degree murder
-
Türkiye, Italy sign 9 bilateral cooperation agreements
-
India, Mozambique review ties, exchange views on global developments
-
Two senior UK government ministers resign
-
Delhi Army hospital performs ‘first’ auditory brainstem implant surgery on 4-year-old girl
-
UEFA Champions League: Qarabag FC loses to Polish Lech in first qualifying round
-
Iran and Azerbaijan implement joint projects in field of electricity - Minister
-
Rockets from Afghanistan fall on the territory of Uzbekistan
-
Azerbaijani FM meets with German scientist Michael Hess (PHOTO)
-
Macron urges new Israel PM to make historical peace with Palestinians
-
Türkiye to try to reach outcome on grain corridor with Russia, Ukraine soon
-
Georgia reports 2 570 coronavirus cases, 1 103 recoveries, 3 deaths in past week
-
Prime Minister Ali Asadov and Head of Coordination Headquarters of Presidential Administration Samir Nuriyev visit Azerbaijani liberated territories (PHOTO)
-
Iran, India call for developing Chabahar port
-
Azerbaijan's Parliament discloses agenda of regular meeting
-
Azerbaijan sees surge in childbirth allowance
-
New appointments made for Azerbaijan Banks Association
-
Azerbaijan approves document on amending gold deposit agreement with foreign companies
-
Additional procedural agreement between Azerbaijan and Türkiye approved
-
Kazakhstan talks readiness to support businessmen of Turkic states on joint projects
-
Executive power of Azerbaijan's Zagatala opens tender for maintenance, repair of vehicles
-
Tajikistan shares data on total area under wheat crop
-
Turkmen Ministry opens tender for construction of pavilion for international exhibition
-
Azerbaijan, Mongolia to cooperate in trade and economic spheres
-
Turkmen enterprise increases production of building materials
-
Azerbaijan approves tourism cooperation agreement with Israel
-
Iran’s Bahar Azadi gold coin price continues to fall
-
Turkmen Khazar consortium announces tender for purchase of rod pumps
-
Azerbaijan, Indonesia approve MoU on energy co-op
-
Iran signs agreement on development of Azadegan oil field
-
Turkmenistan talks concern over events in Uzbekistan's Karakalpakstan Republic
-
Azerbaijani Mortgage & Credit Guarantee Fund makes regular payments of interest on bonds
-
Azerbaijan's Finance Ministry auctions government bonds
-
Volume of cargo loaded/unloaded at Iran’s Imam Khomeini port up
-
Kazakhstan launches trade facilitation portal
-
Azerbaijani MoD commissions Cybersecurity Operations Center (PHOTO/VIDEO)
-
Azerbaijan's CBA talks formation of surplus in current balance of activities
-
Insufficient oil in market to bring prices to standstill
-
CBA strengthening stability of Azerbaijan’s International Bank
-
President of Turkmenistan expresses dissatisfaction with progress of agricultural work
-
Azerbaijan discloses state budget expenditures for 1H2022
-
Azerbaijan's consolidated budget revenues increase
-
Iran unveils data on water reserves of country’s dams
-
Tax revenues to Azerbaijan’s state budget increase
-
Tajikistan's foreign trade turnover increases
-
Uzbek Republican Stock Exchange unveils overall trading data for July 5
-
Price indexes of industrial, construction sectors fall on Uzbek stock exchange
-
Central Bank of Iran sees surge in balance of bank loans
-
Azerbaijan's Sumgayit Industrial Park records new resident company
-
Azerbaijan shares data on number of vaccinated citizens
-
Azerbaijan confirms 49 more COVID-19 cases, 12 recoveries
-
Kyrgyzstan plans to build railway in Bishkek
-
Uzbekistan's watermelon exports skyrocket
-
Japan to provide scholarships for young state servants from Uzbekistan
-
Australia and India strengthen cooperation on development of critical minerals projects
-
Azerbaijani, Uzbek oil companies sign roadmap to expand cooperation (PHOTO)
-
Russia, Azerbaijan interested in mutual cooperation - Russian ministry
-
Azerbaijan’s Azersu company to purchase car via tender
-
FAO to help Uzbekistan restore degraded ecosystems
-
SOCAR Trading reveals volume of traded oil, distillate products
-
Kazakhstan's Aktau Trade Port to purchase filters via tender
-
Azerbaijan allocates funds for construction of Garapapag–Chayli highway following presidential decree
-
Iran’s SPGC shares data on gas condensate production of 5th Refinery
-
Azerbaijan approves amendments to its Administrative Offenses Code
-
Azerbaijan approves law “On information, informatization and information protection”
-
Kazakh Nur-Sultan holds 18th meeting of Azerbaijan-Kazakhstan Intergovernmental Commission (PHOTO)
-
Digital push must to ensure ease of living: PM Narendra Modi unveils plan
-
Turkmenistan and Kazakhstan plan to jointly build grain storage facility
-
Kyrgyzstan records increase in tax revenues
-
Azerbaijani minister reveals investment value of projects submitted to Aghdam Industrial Park
-
Iran’s GTC names amount of wheat purchased from farmers in Tehran Province
-
Azerbaijan's MoD slams misinformation spread by Armenia
-
Iran to invest in cultivation of strategic products in Venezuela
-
Cooperative model middle path, says Indian Home Minister
-
EU plans to implement new initiative in agri-food sector of Uzbekistan (Exclusive)
-
Uzbekneftegaz opens tender for provision of diesel generator
-
Iranian parliament to facilitate investment in power industry
-
Azerbaijani manat strengthens against euro in June
-
Azerbaijan addresses UNESCO over its historical heritage in Yerevan
-
Azerbaijan talks notable decline in Kura river's level
-
Iran reveals COVID-19 data for July 5
-
Turkmenistan and WTO discuss prospects of cooperation