BAKU, Azerbaijan, September 19. The Asian Development Bank (ADB) has so far disbursed 67 loans, grants, and technical assistance in the public administration sector totaling $3.7 billion to Azerbaijan, Trend reports.
The data from the ADB shows that the cumulative disbursements of the loans to Azerbaijan amount to $3.96 billion.
"These disbursements were financed from ordinary and concessional common equity funds. ADB's portfolio of sovereign operations in Azerbaijan includes 1 loan and 1 sovereign guarantee amounting to $565.2 million," notes ADB.
ADB emphasizes that the bank is one of the key sources of official development assistance for Azerbaijan.
"ADB operations are currently underway as part of its 2019–2023 country partnership strategy, which aims to stimulate private sector development, increase public sector efficiency, improve infrastructure, and strengthen human capital. This strategy is in line with the Azerbaijani government's strategic roadmaps for the national economy and key economic sectors. It is expected that the new strategy of partnership with the country for 2024–2028 will be implemented by 2024," the bank emphasized.
It should be noted that within the framework of its education and public sector programs, ADB provided technical assistance in the amount of $750,000 for the program on modernization of vocational education and preparation for the development of the economic sector.
In addition, implementation of the $400 million Railway Sector Development Program is underway, which supports track and infrastructure rehabilitation of the Sumgayit-Yalama railroad line and promotes reforms in the railway sector, including corporate governance, operational efficiency, and financial sustainability of Azerbaijan's railroads.
