ADB proposes to assess impact of money transference on poverty level in Azerbaijan

Business Materials 23 December 2005 14:46 (UTC +04:00)

The Asian Development Bank (ADB) proposed to assess the impact of the money transference of Azerbaijanis living abroad on the poverty level in the country, the Azerbaijani government told Trend.

The assessment will be carried out within the regional-technical aid of ADB. It is envisaged for the countries of Central Asia and Caucasus. The preparations for the project were held during 2005. The first mission led by Nahadir Ganiyev, the economist of the bank, visited Azerbaijan last week.

The mission held discussions with the Azerbaijani government and received prior arrangement for implementation of the project in Azerbaijan. The main goal of the project is to determine formal and informal money flow to the country. In 2004 money transference amounted $190m, over 9 months - over $300m. The real work on the project will start in 2006.