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
President of the Republic of Lithuania Dalia Grybauskaitė welcomed the decision taken by the U.S. Government to transport shipments for the international mission in Afghanistan by transit via the Klaipėda Seaport.
more »
EU Solidarity Fund aid to repair storm damage in France and Portugal was approved by the Budgets Committee on Thursday.
more »
The European Investment Bank and the Government of Samoa formally agreed to support the rehabilitation and upgrade of independent water schemes in the Pacific island state under a EUR 250,000 technical assistance programme.
more »
Steps to overhaul the European Union's flagship single market were discussed on Tuesday (9 November) by MEPs and interested parties.
more »
Strategy to secure a sustainable EU energy supply and support economic growth over the next decade.
more »
EU funding to help 850 former workers in the aircraft maintenance industry around Dublin find new jobs was approved by the European Parliament on Thursday.
more »
Saffron farmers in western Afghanistan hope to oust opium as a harvest crop.
more »
The European Commission has approved an application from Poland for assistance from the European Globalisation adjustment Fund (EGF).
more »
New plans for EU industry to create jobs while keeping manufacturing in Europe.
more »
The European Commission has approved two applications from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »