Azerbaijani Economy 28 november — 11:38

Azerbaijan will receive $250 million from Asian Bank

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The Board of Directors of the Asian Development Bank has approved the provision of a second loan of $250 million to Azerbaijan for 'Improving Governance and Public Sector Efficiency Program, Subprogram 2,' Interfax-Azerbaijan reports citing the bank.

This program aims to improve public sector management and diversify the economy. By reforming the legal and institutional structures, the Azerbaijani government is also helping to improve the business environment and access to finance for small and medium enterprises (SMEs).

The ADB noted that credit funds for the implementation of the second phase of the program will be provided for 15 years.

Within the framework of this program, the Azerbaijani government has implemented 22 reforms in the field of state financing, improving corporate governance in state-owned companies and in the financial sector. According to ADB, one of the strong reforms implemented is related to the implementation of corporate standards in state-owned companies.

Azerbaijan has been a member of ADB since 1999. Over the period of cooperation, the bank provided loans worth over $4 billion to the republic.

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