Azernews.Az

By Trend

The Asian Development Bank (ADB) has announced the planned amount of funds for allocation within the business plan on the Country Partnership Strategy for 2020-2023, ADB told Trend.

The bank allocated the loans in the amount of 239 million manat ($140 million) for Azerbaijan for 2020 while the total amount of funds planned to be allocated from 2020 through 2022 is about $295 million directly envisaged in the business plan.

In accordance with the plan on Azerbaijan, $265 million (89.8 percent) were spent to raise public sector efficiency while $30 million (10.1 percent) to boost private sector development.

During 2020–2022, ADB also expects to commit technical assistance (TA) amounting to $5.8 million to be financed from internal sources and supplemented, whenever feasible, by ADB-administered trust funds and other external sources.

The business plan of the Strategy will be adopted in September with some new projects included in it. The issue of co-financing and financing from other sources, including the regular reserve of regional cooperation and integration, will also be considered.

The final amount of assistance depends on the availability of the government’s borrowed funds, the preparedness of the project and the availability of resources.

Proceeding from a wide range of its mechanisms and tools, ADB will strive to offer comprehensive solutions, including public sector lending, private financing, credit enhancement, technical assistance, advisory support and co-financing.

ADB will continue to support Azerbaijan’s regional cooperation and integration initiatives.