ADB representative Juan Miranda to visit Azerbaijan

As APA reports, newly appointed Mr. Juan Miranda's visit to Azerbaijan is of acquaintance. Moreover, he will negotiate with the governmental officials on the existing projects.

ADB will offer a long-term financial instrument to Azerbaijan. A certain amount of funds will be allocated to various sectors of the Azerbaijan and the Government will not undertake anything for spending.

Based in Manila, the Asian Development Bank is a multilateral finance institution that promotes economic and social progress in the Asia-Pacific region in order to reduce poverty. Established in 1966, the ADB is a multilateral development financial institution owned by 66 members47 from the region and 19 from other parts of the globe. ADB's lending volume was about $6.95 billion, with technical assistance totaling about $198.8 million.

Azerbaijan has been a member of ADB since 1999 and has to date received $82mn from the bank.