Azerbaijan Becomes 58th Member Country of Asian Development Bank
Published:
25 June 2003 y., Wednesday
Azerbaijan has officially become the 58th member of the Asian Development Bank. The ADB will undertake its first operational Mission to Azerbaijan in the Caucasus at the end of this month to prepare an economic report and interim operational strategy for the country.
The report will help determine such issues as Azerbaijan's borrowing terms, its eligibility for concessional financing and the share of project costs to be borne by the ADB. The interim operational strategy will provide the framework for the ADB's initial lending and technical assistance operations.
Azerbaijan, with a population of 7.9 million, lies at the juncture of Asia and Europe and shares borders with Russia, Armenia, Georgia, Turkey and Iran. Its annual per capita income of $518 puts it among the lowest-income countries of the region. However, Azerbaijan has massive oil and gas reserves and tapping this is crucial to its long-term development. Since 1994, the country has concluded several agreements with groups of oil companies with planned investments totaling US$60 billion. Oil production is rising and is expected to increase rapidly.
The major challenge is to improve decision-making in the public sector to use the hydrocarbon income effectively for laying the foundation of sustainable growth, for raising general living standards and for developing the non-oil sectors. Another big challenge is to develop a viable financial sector - which requires a legal framework as well as institutions to enforce regulations - and a general enabling environment for the private sector.
Šaltinis:
http://www.adb.org/Documents/News/2000/nr2000009.asp
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Most EU countries continue to meet deadlines for incorporating single market rules into national law, contributing to economic growth and job creation.
more »
Japanese officials unveil their new bullet train, capable of travelling at speeds of 320 km per hour (198 miles per hour).
more »
The first International Security Technology Exhibition, KIPS 2011, will be held on 23-26 February 2011 in Kiev (Ukraine). The motto of the exhibition is ‘There can never be too much security!’
more »
The world's highest restaurant opens in Dubai, United Arab Emirates, located 400 metres above ground in Burj Khalifa, the world's tallest tower.
more »
The rights of consumers will be clarified and updated, whether they shop at a local store or buy goods on line, under new EU rules as amended by the Internal Market Committee on Tuesday.
more »
MEPs on Wednesday gave their green light for the Council to conclude an Interim Economic Partnership Agreement with Papua New Guinea and Fiji, two countries of the Pacific Region with significant exports to the EU.
more »
Report sets 10 priorities for tackling the bloc's main economic challenges, launching the first ever ‘European semester'.
more »
China's first capsule hotel ready to open its doors in Shanghai, aims to capture slice of booming leisure budget travel market.
more »
Declaration by Michel Barnier on the start of three new authorities for supervision.
more »
On 1 January, Estonia adopted the euro as its official currency and the changeover is running smoothly and according to plan.
more »