The private sector of Azerbaijan will receive a new impetus for development thanks to the initiative of the Asian Development Bank (ADB). The bank has allocated technical assistance in the amount of $2.19 million as part of a large-scale project aimed at strengthening the impact of private sector operations on overall development.
This program covers 42 ADB member countries, including Azerbaijan, Georgia, and Central Asian countries. The main goal is to help the private sector of these countries more effectively cope with modern challenges. Key priorities include ensuring food security, reducing digital inequality, developing sustainable energy, and adapting to climate change.
The financing provided through the Special Technical Assistance Fund will be focused on three main areas. First, on creating higher-quality and more effective investment projects for private businesses. Second, on improving their implementation to achieve maximum social and economic impact. Third, on analyzing and disseminating successful experiences for future development.
Azerbaijan’s cooperation with the Asian Development Bank has a long history. The country joined the bank in 1999 and since then has received financing in the amount of more than $5 billion. A significant portion of these funds was directed towards the modernization of key sectors of the economy, including transport infrastructure ($1.5 billion) and energy ($1.7 billion).
