AIIB approves allocation of large loan to Azerbaijan

Finance Materials 22 July 2021 12:49 (UTC +04:00)
AIIB approves allocation of large loan to Azerbaijan

BAKU, Azerbaijan, July 22

By Zeyni Jafarov - Trend:

The Asian Infrastructure Investment Bank (AIIB) has approved the allocation of a loan to Azerbaijan in the amount of up to $100 million, Trend reports citing the AIIB.

The decision was approved on July 15 to assist in the implementation of measures to mitigate the adverse medical, social and economic consequences of the coronavirus pandemic (COVID-19).

The total cost of the program is over $1.77 billion, of which the Azerbaijani government will allocate over $1.42 billion. Another $250 million will be allocated by the Asian Development Bank (ADB).

The loan is carried out by the Ministry of Finance and the Government of Azerbaijan.

Earlier, the Asian Infrastructure Investment Bank approved a $600 million loan to Azerbaijan for the construction of the Trans-Anatolian gas pipeline (TANAP).


Follow the author on Twitter: @jafarov_zeyni