The Asian Development Bank (ADB), a development finance institution based in the Philippines, has agreed to commit USD 600,000, including USD 300,000 from ADB’s Financial Sector Development Partnership Fund, to provide technical assistance for the development of Azerbaijan’s microfinance sector. ADB will assist Azerbaijan’s financial bodies, including the Central Bank of Azerbaijan, in expanding access to banking services for low-income individuals and small enterprises. It will also help develop a framework for the regulation of the microfinance sector. The effort is also intended to attract investments in other financial services such as microinsurance and branchless banking.
With 67 member nations, ADB seeks to foster economic growth in the region through loans, technical assistance programs, grants, equity investments and guarantees to private companies. Azerbaijan became a member of ADB in 1999. In 2012, ADB’s financial assistance totaled USD 21.6 billion.
By Meraj Husain, Research Associate
About Asian Development Bank (ADB)
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a development finance institution that consists of 67 members. ADB has three strategic priorities: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, ADB uses loans, technical assistance programs, grants, equity investments and guarantees to private companies in member countries in the region. In 2012, ADB’s financial assistance totaled USD 21.6 billion.
Sources and Additional Resources
[1] Trend: “ADB approves technical assistance of microfinance in Azerbaijan,” http://en.trend.az/capital/business/2246177.html
MicroCapital, July 29, 2013, “Asian Development Bank (ADB) Loans $50m to AccessBank of Azerbaijan for Micro-, Small, Medium-sized Enterprises in Rural Areas,” https://www.microcapital.org/microcapital-brief-asian-development-bank-adb-loans-50m-to-accessbank-of-azerbaijan-for-micro-small-medium-sized-enterprises-in-rural-areas/
MicroCapital, May 29, 2013, “Azerbaijan Microfinance Association Considers Credit Bureau for Microlenders,” https://www.microcapital.org/microcapital-brief-azerbaijan-microfinance-association-considers-credit-bureau-for-microlenders/
MicroCapital, March 13, 2013, “Asian Development Bank, Standard Chartered Bank Commit $150m to Microfinance in Asia,” https://www.microcapital.org/microcapital-brief-asian-development-bank-standard-chartered-bank-commit-150m-to-microfinance-in-asia/
MicroCapital, October 2, 2012, “Asian Development Bank Invests $40m in Vietnam’s Microfinance Sector,” https://www.microcapital.org/microcapital-brief-asian-development-bank-invests-40m-in-vietnams-microfinance-sector/
MicroCapital Universe Profile: Asian Development Bank (ADB) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+%28ADB%29
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