ADB approves business plan for operations in Azerbaijan for 2015-2017

The Asian Development Bank (ADB) has approved the business plan for operations in Azerbaijan for 2015-2017, said the message on the bank's website Apr.9.

Under the new business plan, in 2015-2017, Azerbaijan will receive funds from ADB only as ordinary capital resources.

Approximate resources available to finance sovereign operations in 2015-2017 will amount to $586 million, and the proposed lending program - $715 million.

ADB funds will be spent on water, transport and energy projects.

“Operations in the private sector as part of a business plan contribute to diversification of the economy of Azerbaijan and will help mobilize funding for the sector, as well as improve environmental standards,” said the message. “The operations will be focused on the support of commercial banks for lending to small and medium-sized businesses, including farms.”

ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.

/By Trend/