BAKU, Azerbaijan, May 6.Asian Development Bank's (ADB) operations in Azerbaijan in 2023 - 2026 will cover energy, transport, public sector management, agriculture, and education sectors, Trend reports, citing the latest country fact sheet from ADB.
"The bank will support the government in boosting regional cooperation through well-integrated regional transportation systems. The rebuilding of the regional irrigation network with ADB’s contribution will increase productivity in agriculture and help sustain food security," the bank said.
At the same time, ADB will support energy reforms in the country by the development of fundamental transmission and distribution infrastructure and the adoption of innovative initiatives in the sector.
"Investing in the development of technical vocational education will strengthen human capital in the country. It will also help improve and build modern vocational schools and promote policy reforms," the bank noted.
ADB will also engage the private sector of Azerbaijan for projects related to trade, finance, small and medium-sized enterprise expansion, and infrastructure development.
"ADB closely cooperates with the government to make local currency financing available to the private sector through local currency bonds," the bank added.
Meanwhile, to date, ADB has committed 67 public sector loans, grants, and technical assistance totaling $3.7 billion to Azerbaijan. Cumulative loan disbursements to Azerbaijan amount to $3.96 billion. These were financed by regular and concessional ordinary capital resources. ADB’s ongoing sovereign portfolio in Azerbaijan includes 1 loan and 1 sovereign guarantee worth $565.2 million.