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
The European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level.
more »
Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15.
more »
World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat.
more »
These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB).
more »
The European Investment Bank (EIB) today signed its first loan agreement with Armenia.
more »
Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area.
more »
The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).
more »
The European Commission today approved a new financial support package of €135 million for Morocco.
more »
The European Commission is allocating an extra €10 million in humanitarian aid for Liberia.
more »