ADB Talks Support For Azerbaijan's Private, Finance Sectors In 2022 (Exclusive)
Date
3/17/2023 1:02:27 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 17. The Asian
Development bank continues to support Azerbaijan private sector
through various initiatives, Candice McDeigan, ADB Country Director
in Azerbaijan, told trend .
'In 2022, ADB partnered with the Ministry of Economy to launch a
technical assistance project with a $1.2 million grant to support
the Government's Public-Private Partnership (PPP) agenda and
increase private sector involvement in infrastructure projects,'
she said.
According to the country director, this technical assistance has
built the capacity of concerned government agencies and helped
develop legislative enactments.
Meanwhile, in the finance sector, ADB continued to support the
development of the Microfinance Strategy and Financial Inclusion
Framework in the country.
'We also partnered with the Central Bank of Azerbaijan to
improve consumer protection principles. Last year, we partnered
with the Ministry of Finance and the Public Debt Management Agency
to enhance debt management capacity and update the Medium- and
Long-Term Debt Management Strategy. We provided policy
recommendations to strengthen fiscal debt management practices
during crises to improve social services, mandatory health
insurance, and healthcare service delivery,' McDeigan
explained.
In addition, as ADB country director pointed out, under the
Integrated Fiduciary Risk Assessments and Strengthening Country
Systems technical assistance, the bank supported the State Service
for Antimonopoly and Consumer Market Control in reviewing the draft
new public procurement laws and provided recommendations for
further improvement.
To date, ADB has committed 65 public sector loans, grants, and
technical assistance totaling $3.7 billion to Azerbaijan.
Cumulative loan disbursements to Azerbaijan amount to $3.93
billion. These were financed by regular and concessional ordinary
capital resources. ADB's ongoing sovereign portfolio in Azerbaijan
includes 2 loans and 1 sovereign guarantee worth $856.8
million.
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