In 2022, the Asian Development Bank (ADB) plans to allocate $150 million to the government of Azerbaijan to finance a project to develop vocational education, Director of the Asian Development Bank (ADB) office in Azerbaijan Candice McDeigan told Report.
“This project is still in preparation. We hope that it will be approved before the end of 2022,” McDeigan said.
She noted that ADB is one of the co-investors in sustainable development projects in Azerbaijan: “ADB provides financing for special infrastructure projects - from railway construction to irrigation and education. In terms of private projects, ADB supports renewable energy projects in Azerbaijan. The bank’s financial resources are directed to private enterprises producing alternative energy in the country. In 2022, ADB, along with other investors, provided a $35.7 million loan to Masdar for the construction of the Garadagh solar power plant. In the future, we plan to collaborate with other investors on renewable energy projects,” McDeigan said.
ADB was established in 1966 and has 67 member countries. The bank’s headquarters is located in Manila, the capital of the Philippines. Azerbaijan was accepted as a member of the ADB on December 22, 1999, the country’s share in the bank’s capital is 0.5%.
During the period of cooperation, the bank provided loans to the republic in the amount of more than $5 billion.