The President of the Asian Development Bank (ADB), Masatsugu Asakawa, has approved the provision of technical assistance in the amount of $1 million on a grant basis to a number of countries, including Azerbaijan, to accelerate the development of the private sector market focused on ESG (Environmental, social, and governance), Report informs, citing the ADB.
The funds were allocated by ADB's Technical Assistance Special Fund (TASF).
In addition to Azerbaijan, the countries to which financial assistance will be allocated include Georgia, Kyrgyzstan, Kazakhstan, Pakistan, Uzbekistan and Armenia.
According to ADB, financial assistance in the amount of $250,000 will be used for the assessment of ESG-related private sector value chains carried out in the listed countries.
Financial aid worth $750,000 will be directed to capacity development support to private sector institutions that will facilitate ESG investments or improvements:
“This output aims to showcase market potential, develop demonstrable pilots, develop capability to implement appropriate strategies and approaches for the identified market(s), and/or ensure that adequate institutional risk mitigation mechanisms and tools are in place in accordance with global standards.”