Baku, Azerbaijan, Dec. 10
By Taleh Mursagulov - Trend:
The Asian Development Bank (ADB) will help develop nonbank and alternative financial instruments to diversify Azerbaijan’s economy, Trend reports citing the ADB website.
This will be done as part of ADB technical assistance worth $500,000, and this work will last until March 31, 2020. The government of Azerbaijan, in turn, will allocate $50,000 for the implementation of this project.
The ADB project “Development of Nonbank Finance and Alternative Financial Instruments for Economic Diversification” was adopted Nov. 29 this year and will make it possible to expand funding in local currency for the Azerbaijani economy’s non-oil sector.
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.
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