ADB to finance projects in the sphere of infrastructure and institutional development

According to Day.Az, thus in 2009 there is a plan to finance modernization of water supply and sewerage systems of small cities of the country, as well as modernization of the electric power sector, and in 2010 for the project in the sphere of the railway sector.

Moreover, ADB is going to allocate $68,500,000 by 2010 for institutional development.

According to chief executive of Azerbaijan's Economic Development Ministry Samir Veliyev, previously ADB issued only privileged loans, while now simple loans are also raised considering the growth of economic potential of Azerbaijan.

"ADB is optimistic about prospects of development of Azerbaijani economy and one of the reasons is the fact that the country is the first on the list of the states, holding economic reforms. Azerbaijan demonstrates strong inclinations towards the economic diversification and the country has a strong leadership", said vice president of the Asian Development Bank Siaoyu Zhao.

He said half of ADB financing in Azerbaijan will be directed to the private sector by 2020. "Azerbaijan has a favorable climate for raising foreign investments and in the near future their volume will grow", noted the vice president.

He considers that ADB reckons to sign agreements with Azerbaijan, envisioning crediting of projects in the sphere of energy and transport, ratified this year.

/Day.Az/