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    Asian Development Bank allocates 750 mln USD to Azerbaijan - UPDATED

    ADB plans to allocate around 750 million USD for state projects in Azerbaijan within the next four years

    Baku. 22 December. REPORT.AZ/ Allocation of this amount is envisaged by the draft business plan for the Bank's operations in Azerbaijan for the years 2014-2016, which has already been agreed with the government and will be submitted for consideration of the Board of Directors in January 2014.

    ADB will maintain the rate of annual financing of state projects in Azerbaijan at the level of $155 million as reflected in the current business plan, according to head of ADB's Baku office Olli Norojono.

    "However, this figure is not fixed, we can allocate more money or less. For example, the Board of Directors approved the allocation of 150 million USD in 2013 and 250 USD million in 2011," Norojono said.

    The bank will provide technical assistance totaling 5 million USD within three years, according to Norojono.

    ADB's active portfolio in Azerbaijan is about 1.2 billion USD today, while in 2010 it was 500 million USD, Norojono said.

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