ADB includes Azerbaijan in regional project to improve quality of private sector operations

The Asian Development Bank (ADB) has approved a $2.19 million technical assistance project under the "Deepening Development Impact in Private Sector Operations" project, Report informs.

According to the ADB, the project covers 42 countries, including Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

Financing will be provided through the Technical Assistance Special Fund.

According to the bank, this technical assistance will be aimed at improving the quality of projects in private sector operations across all ADB developing member countries.

"Under Strategy 2030, and in light of the current challenges facing our region, there is an urgent need for ADB to support our DMCs to address food insecurity, close the digital divide, develop sustainable energy systems, and strengthen resilience to the changing climate. Across these issues, we need to be bolder, move faster, and work more closely than ever before.

This Technical Assistance (TA) seeks to enhance the delivery of financing solutions, knowledge, and partnerships to advance private sector development, regional cooperation, digital transformation, resilience and empowerment through improved design and implementation of Private Sector Operations Department (PSOD) projects," reads the message.

The TA has an overall outcome of: Enhanced development impact of private sector operations. The TA has the following outputs contributing to the achievement of the overall outcome.

Output 1: Stronger pipeline development and project design to drive high-impact private sector investments.

Output 2: Improved implementation of private sector projects to deliver development impact.

Output 3: Enhanced evaluation and knowledge sharing on development impact through the private sector.

Azerbaijan has been a member of the ADB since 1999. During this time, the bank has provided the country with over $5 billion in loans, including $1.5 billion for transport projects and $1.7 billion for energy projects.

The ADB was founded in 1966 and is headquartered in Manila, Philippines. Its shareholders are 69 countries, 50 of which are located in the Asia-Pacific region.