By Azernews

By Amina Nazarli

The Asian Development Bank (ADB) is ready to support small and medium-sized enterprises (SMEs) in Azerbaijan, a source in the country’s government told Trend.

The Bank offers to support business by opening credit lines for local banks, according to the source.

"Thus, the ADB wants to provide support to banks in Azerbaijan and contribute to the development of SMEs," said the source.

The source further said that Azerbaijan’s government currently doesn’t hold any discussions with the ADB regarding any concrete project.

"The ADB has expressed readiness to lend to SMEs in Azerbaijan, but we have to consider how this funding will affect our external debt," the source in Azerbaijan’s government said. "In this context, the government has decided not to appeal to the ADB for the financing of the project for now."

The business plan of the Bank for 2017-2019 is expected to be approved in the next few weeks, while rendering assistance in implementing the structural reforms will be one of the directions of the bank’s new three-year plan on Azerbaijan.

ADB’s core ongoing operations in Azerbaijan include support for transport, energy, urban infrastructure, and the private sector, as well as technical assistance and program in various areas, including knowledge sharing of best international practices on finance, education, governance and economic development. Moreover, ADB is currently seeking new potential areas for cooperation with Azerbaijan, including vocational education, urban governance and development of alternative energy sources.

ADB, based in Manila, was established in 1966 and has 67 members. Azerbaijan became the organization’s member on December 22, 1999. The country has 0.5 percent share in the bank’s capital.