ADB ready to expand project financing in Azerbaijan in new spheres (exclusive)

Baku, Azerbaijan, June 9

By Leman Zeynalova – Trend:

The Asian Development Bank (ADB) is ready to consider the possibility of financing projects in the sphere of agriculture in Azerbaijan, Nariman Mannapbekov, head of ADB Azerbaijan office, told Trend.

“The ADB prioritizes the spheres which are of priority for the government. That’s to say, if the Azerbaijani government considers it necessary that we should work for instance, in the sphere of agriculture, we will be ready to consider the relevant projects in this field,” he added.

Moreover, Mannapbekov pointed out that upon the government’s request, the ADB is ready to offer financing for the development of the secondary specialized education sphere in Azerbaijan and start to work with the country’s Education Ministry.

"We have already prepared a small ground and have provided technical assistance so that the Ministry of Education would develop the skills of building cooperation with ADB and adding a new content to this cooperation," he said.

Talking about the need for a state guarantee for projects financed by ADB, Mannapbekov noted that when issuing loans for private sector projects, the bank does not require a state guarantee.

"As for public funding, basically, the Ministry of Finance acts as a borrower here, so no guarantee is required. But if the borrower is a state company, for example, Azerishig, then a loan agreement is signed with the company and a guarantee agreement is signed with the Ministry of Finance," he added.

The bank’s portfolio in Azerbaijan is $2.8 billion.

ADB was founded in 1966 and has 67 member states. The bank’s headquarters is located in Manila, Philippines. Azerbaijan became an ADB member on Dec.22, 1999. The country accounts for 0.5 percent of the bank’s capital.

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Follow the author on Twitter: @Lyaman_Zeyn

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