Home Business & Finance ADB Allocates $1.5 Billion to Support Energy, Transport and Urban Sectors
ADB Allocates $1.5 Billion to Support Energy, Transport and Urban Sectors

ADB Allocates $1.5 Billion to Support Energy, Transport and Urban Sectors

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The Asian Development Bank (ADB)’s updated business plan for Azerbaijan will allocate around $1.5 billion in loans and technical assistance grants to help the country diversify its economy and promote sustainable, non-oil growth.“We thank the Government of Azerbaijan for the excellent collaboration during the business plan preparation and look forward to effective implementation of this proposed assistance,” said Kathie Julian, ADB’s Officer-in-Charge, Azerbaijan Resident Mission.

The Country Operations Business Plan (COBP) for 2016-2018, approved on 8 December 2015, comprises 8 investment projects in energy, transport, and the water and urban services sector. ADB’s intervention in the transport sector will ensure better connectivity and facilitate access to services, while the water supply and sanitation projects will increase the living standards of the population. Energy projects will improve the power distribution network, thereby providing reliable and continuous energy supply to homes and industries.

During 2016–2018, ADB will also continue to grow its private sector operations with a focus on financing commercial banks for onlending to small and medium-sized enterprises including agro-businesses, and for opportunities arising from industries such as the gas sector.The COBP is aligned with the priorities of ADB’s Azerbaijan Country Partnership Strategy for 2014–2018, and the Government of Azerbaijan’s Azerbaijan 2020 vision document.As of 2014, ADB assistance to Azerbaijan totaled more about $2 billion, including approved loans and technical assistance grants.

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Anand Gupta Editor - EQ Int'l Media Network

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