The Asian Bank of Development (ADB) and the government of Azerbaijan go on with discussions on updating the ABD “Development of rural and micro-financing” project
under preparation. ADB agreed with the government’s standpoint on the necessity to revise the action program proposed by the bank at the meeting on 22 November, Trend reports.
"АBR took time for studying the approaches proposed by the Government. We expect the next round of consultations during 2-3 days and the commencement of works for the program adjustment”, the Cabinet of Ministers specified.
The government of Azerbaijan suggests to allocate the entire ADB loan ($25 million) for the rural residents micro-financing and to cut the consulting component ($2,5 million) and institutional costs.
The project’s total cost is $30 million. ABD is ready to approve the loan for it in 2006.