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MANILA, Oct 4: Azerbaijan can start tapping the Asian Development Bank (ADB) for loans this year, with about $66 million alloted for the new member over the next three years, the Philippines-based lender said Friday.
ADB directors agreed Friday to extend loans to Azerbaijan averaging $22 million per year over the next three years to 2006, it said in a statement.
Up to $70m in soft loans and $40m in ordinary loans were earmarked for the country between 2004 and 2006 but the final amount will depend on ADB’s resource availability and country performance, it added.—AFP
