Details added (first version posted at 16:12)
Baku, Azerbaijan, Oct. 24
By Taleh Mursagulov - Trend:
The Asian Development Bank (ADB) will continue supporting development of Azerbaijan’s economy, ADB Vice President Wencai Zhang said at a press conference in Baku Oct. 24.
This is also reflected in the new five-year strategy, the adoption of which is planned to be considered in the first half of 2019, he said.
At the same time, he noted that the ADB intends to implement the goal of supporting the development of Azerbaijan as part of the country’s strategy for managing public debt.
He added that ADB intends to support further development of the private sector in Azerbaijan by issuing manat bonds.
Speaking about the advantages of issuing manat bonds, Zhang noted that this is done in order to prevent the private sector from the risks of exchange rate fluctuations.
The ADB Vice President also mentioned that, according to the bank’s forecast on Azerbaijan's economy, in 2019 a two-percent growth is expected. But, according to Zhang, the growth of the Azerbaijani economy may exceed this figure thanks to the reforms carried out in the country.
ADB approved previous country strategy for Azerbaijan in 2014 and it covers a period up to 2018. The priorities of the strategy are inclusive growth, poverty reduction, infrastructure development, environmental sustainability, job creation, social protection, education, private sector development, and the development of the country's potential.
The transport sector, energy and water infrastructure are priority sectors for financing.
ADB was founded in 1966 and 67 states are its members. The bank’s headquarters is located in Manila, Philippines.
Azerbaijan became an ADB member on Dec. 22, 1999 and its share in the bank is 0.5 percent.
Since 2003, the bank has allocated loans to Azerbaijan worth over $4 billion for implementation of more than 30 projects in the public and private sectors. The amount of technical assistance provided by the bank to Azerbaijan amounts to almost $30 million.