ADB Approves $500 Million Azerbaijan Loan

The Asian Development Bank said on Thursday it had approved a $500 million loan to help Azerbaijan tackle economic and social problems, mitigating the adverse impact of a decline in oil prices, Reuters reported. The slide in the price of oil, which with gas accounts for about 75% of state revenues and 45% of gross domestic product, hit growth, the budget, the balance of payments, the manat currency and foreign exchange reserves. “ADB’s countercyclical support is critical for Azerbaijan’s economy now and will help promote sustainable development and inclusive growth over the longer term,” said Sean O’Sullivan, the ADB’s Central and West Asia Department’s director general.