Baku, Azerbaijan, Dec. 6
By Anvar Mammadov – Trend:
The Asian Development Bank’s (ADB) Board of Directors has approved $250 million in policy-based loans to support the government of Azerbaijan in its efforts to strengthen governance in the public sector and diversify the economy through greater private sector participation.
ADB’s support under the first subprogram of the Improving Governance and Public Sector Efficiency Program is aimed at helping Azerbaijan on a path of fiscal consolidation and economic diversification. The first phase of reforms will introduce rules-based fiscal planning, improve governance of state-owned enterprises, and encourage private sector participation in the economy by easing access to finance. Subprogram 2, which will reinforce and cement the progress under the first subprogram, is scheduled for 2018.
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.
Azerbaijan has received grants and loans amounting to $4.1 billion since joining ADB in 1998. ADB’s core ongoing operations in Azerbaijan include support for transport, energy, urban infrastructure, and the private sector, and technical assistance and programs in various areas, including knowledge sharing of best international practices on finance, education, governance, and economic development.