ADB allocates new loan to Azerbaijan

Baku. 7 December. REPORT.AZ/ Asian Development Bank (ADB) has allocated USD 500 mln. for diversification of Azerbaijan's economy.

Report informs, the part of the money will be used to open new working places.

The bank says this will enable to broaden governments USD 1.4 bln. incentive package.

The loan aims to support solution of social problems of 3.7 million people (one third of population).

At the same time, ADB allocated USD 1.2 mln. to support fiscal reforms in Azerbaijan.

“ADB will support sustainable and long term development in Azerbaijan”, the bank’s general director Sean O’Sullivan said.