Asian Development Bank to fund infrastructure projects in Azerbaijan
Baku, June 24 (AZERTAC). The Asian Development Bank has recently approved a 2011-2013 Country Operations Business Plan for Azerbaijan. This is an interim step in the preparation of a new country partnership strategy next year.
According to the new business plan, the ADB will provide Azerbaijan around $340 million in loans in 2011. Under the plan, the ADB is committed to supporting the transport, energy, urban water supply and sanitation and urban services sectors.
In the transport sector, the ADB will provide a new loan to finance reconstruction of the Masalli-Astara Highway. The bank is also considering funding the major highway between Baku and the Georgian border, a main corridor in Central Asia regional economic cooperation.
The investment program in the energy sector will enhance and upgrade the national power distribution network, improve the reliability of the power supply; reduce distribution losses; and improve the financial, governance, and operational performance of the power sector.
In urban services, the ADB is to continue assisting the Azerbaijani government in improving water supply and sanitation in secondary cities. The ADB may also consider funding urban transport projects.
Commenting on the new business plan, Olly Norojono, Head of the ADB`s Resident Mission in Azerbaijan, said: “We consulted the government when preparing the business plan. It will primarily target infrastructure development which is a government priority. It is consistent with the government’s development objectives for boosting non-oil sectors and diversifying the economy. We look forward to the successful and effective implementation of the plan. We are standing next to Azerbaijan to help develop the country.”
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