TODAY.AZ / Business

ADB to support development of SMEs

21 November 2018 [15:43] - TODAY.AZ

By Azernews


By Leman Mammadova

In addition to many other areas, the Asian Development Bank (ADB) also cooperates with Azerbaijan to strengthen the role of small and medium-sized businesses in the country's economy, to increase their specific weight and competitiveness.

The bank will provide technical assistance to the Azerbaijani Agency for Development of Small and Medium-Sized Enterprises (SMEs), said head of ADB office in Azerbaijan Nariman Mannapbekov.

He noted that ADB will assist Agency for Development of SMEs to attract three experts.

One expert will prepare an instruction to evaluate the impact of laws and regulations on SMEs. Mannapbekov underlined that ADB strongly supports legislative discussion in this direction.

The second expert will be a lawyer, legal advisor who works in this area and who knows where and how improve the legislation. Mannapbekov noted that such an expert will receive ADB's grant support in the near future.

ADB believes that the private sector is the main driver of economic growth, sustainable and stable economic growth can be achieved through private investments.

The main objective of the Asian Development Bank is to support the economic development of member countries and to help alleviate poverty and improve the living standards of the population. Azerbaijan joined ADB in 1999. ADB has approved a $ 4.61 billion loan, guarantee, grant and technical assistance for the country since then. In 2004, the Bank's local representative office was opened in our country. Azerbaijan hosted the 48th Annual Meeting of the Board of Governors of the Bank in 2015.

The Asian Development Bank will allocate $ 815 million from its credit resources to Azerbaijan in 2019-2021. This is stated in the bank's three-year business plan. Thus, in 2019, the bank will allocate $ 250 million to the country, $ 265 million in 2020, and $ 300 million in 2021.

These loans, which will be allocated by the bank for three years, will focus on projects in the energy sector, ensuring macroeconomic stability and improving the efficiency of public administration.

So far, ADB provided the development projects in Azerbaijan such as Second Road Network Development Program, Water Supply and Sanitation Investment Program, Power Distribution Enhancement Investment Program, Southern Gas Corridor project, Railroad sector development program and etc.

URL: http://www.today.az/news/business/176228.html

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