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Monday, June 26, 2017

ADB and Azerbaijan partner to create new economic opportunities

Over the next four years, the Asian Development Bank (ADB) and the Government of Azerbaijan will work together to diversify the economy while creating economic opportunities and reducing disparities between urban and rural locales.

“ADB’s strategic approach in Azerbaijan focuses on infrastructure in transport, energy, and water, and other urban infrastructure and services,” ADB Resident Representative for Azerbaijan Olly Norojono said. “Efficient and reliable infrastructure will help create and expand economic opportunities in the non-oil sector, and improve access to markets and production inputs, particularly in secondary towns and rural areas.”

The past decade has seen Azerbaijan’s gross national income per capita increase from $661 in 2001 to $7,350 in 2013. The increase is due to oil and gas resources, public expenditures and economic reforms.

ADB will support efforts to complete transport corridors that link neighboring countries and local roads that will help bring opportunities and expand access to rural areas. ADB will also expand electricity networks and energy efficiency and help the government upgrade infrastructure in urban areas, including transport, solid waste management, water supply and sanitation. The bank will help underserved households by improving access to finances and developing regulations and laws to encourage the private sector to invest in public utilities.

ADB will provide $752 million from ADB’s Ordinary Capital Resources between 2014 and 2017.

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