Azerbaijan to attract $350 million to fight against coronavirus

The Azerbaijani government, the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have signed loan agreements within the framework of the program of active response to COVID-19 and support of expenses, Report informs with reference to the Finance Ministry.

Under the terms of the agreements, it is envisaged to attract loans in the amount of $250 million from ADB and $100 million from AIIB at the rate of LIBOR plus 0.5 percent for a period of 10 years.

The loan agreements totaling $350 million were signed on behalf of the Azerbaijani government by Minister Samir Sharifov, on behalf of ADB by Director for Azerbaijan Candice McDeigan, and on behalf of AIIB by Director General of the Bank Supi Therawinthorn.

The purpose of this program is to support budgetary expenditures provided for measures taken by the government in connection with reducing the negative impact of the coronavirus pandemic and the subsequent sharp fluctuations in the world energy and stock markets on the economy and macroeconomic stability of Azerbaijan.