Baku: The Asian Development Bank (ADB) allocated USD 626 million to Azerbaijan last year.

According to Azeri-Press News Agency, USD 223.3 million of this amount consisted of directly allocated loans. Of these loans, USD 131.5 million were sovereign loans, specifically designated for a railway development project in Azerbaijan.

The volume of non-sovereign loans, which did not require state guarantees, totaled USD 91.6 million last year. ADB allocated USD 10 million for the expansion of the Veyseloglu Modern Retail Network, USD 48.1 million for the Bilasuvar Solar Power Plant, and USD 33.5 million for the Neftchala Solar Power Plant. Additionally, USD 0.2 million was allocated to the Trade and Supply Chain Finance Program.

Under co-financing, ADB allocated USD 399.1 million, with USD 398.3 million for projects and USD 0.8 million related to a technical advisory program.

Azerbaijan joined ADB in 1999, and since 2004, the bank has had a representative office in the country. The 48th Annual Meeting of the Bank's Board of Governors was held in Baku in 2015. ADB supports Azerbaijan's efforts toward economic diversification, expanding new economic opportunities, and promoting inclusive development. Since 1999, ADB has allocated USD 5.27 billion for over 130 loans, grants, investments, technical assistance projects, trade and supply chain finance, and microfinance programs in sectors such as transport, water supply, energy, the financial sector, education, and healthcare.