Azerbaijan becomes donor to ADB funds

Donors of the Asian Development Bank (ADB) have agreed to allocate $ 4 billion to the Asian Development Fund (ADF) and the Technical Assistance Special Fund (TASF), which were established to provide grants to low-income countries in 2021-2024.

According to Report, 13 donors signed the document for ADF and seven donors for TASF.

These funds are 7% higher than in the first phase, which covers 2017-2020. Donors plan to spend $ 3.5 billion on ADF and $ 0.5 billion on TASF.

Of the total, $ 2.3 billion, or 58%, will be provided by 30 donors, including two new partners, Azerbaijan, and the Philippines.

Internal resources, including transfers from ADB's ordinary capital reserves and ADF's liquid investments, will provide $ 1.7 billion or 42% of the assistance.

In the future, the allocations are expected to increase if all three donors join.

The 53rd Annual Meeting of the ADB Board of Governors will take place in a video conference format from today.

Samir Sharifov, Minister of Finance and a member of the Bank's Board of Directors, will represent Azerbaijan at the two-day meeting (September 17-18).

From 2020, Azerbaijan has joined three foundations, including the ADF, as a donor. This year, $ 7 million has been allocated for the ADB, including $ 2 million for the European Bank for Reconstruction and Development and $ 3 million for the International Development Association.