Finance

Home page

Finance

ADB mission arrives in Baku

17 October 2011 07:53 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. â€“ A mission from the Asian Development Bank (ADB) came to Azerbaijan for evaluating the ongoing ADB loans and investigating possible new lending to private banks. The Mission will meet with representatives of private banks that received ADB loans to assess how the banks managed the loan.

The mission will also assess the loan effectiveness in supporting Azerbaijanâ€™s small and medium enterprises and private businesses in general. The ADB team will also carry out due diligence in the banking sector in order to expand the ADB private sector lending operation in Azerbaijan.

Mr. Olly Norojono, the ADBâ€™s Resident Representative, said: â€œADBâ€™s overarching goal is to reduce poverty by promoting inclusive growth, environmentally sustainable growth, and regional Integration. We have identified the private sector as a key driver for change in Asia. It is therefore critically important to strengthen the banking sector including in Azerbaijan to enhance the private sector role in development. This is where we can contribute effectivelyâ€.

The Mission will complete its work on October 22.