ADB approved allocation of a $250 million loan to Azerbaijan


July 7, Fineko/abc.az. The Asian Development Bank endorsed on Wednesday the $250 million loan to the government of Azerbaijan to assist in the implementation of the all-round plan aimed at mitigating the adverse medical, social and economic consequences of the COVID-19 coronavirus infection.

ABC.AZ reports that the consequences of the COVID-19 pandemic threaten to negate the significant achievements made by Azerbaijan in improving its economy and reducing poverty.

"ADB is committed to supporting Azerbaijan, and this loan program will help the government support the response to the pandemic, protect vulnerable segments of the population and lay the foundation for economic recovery," ADB president Masatsugu Asakawa said.

The measures taken by the Azerbaijani authorities to counter the spread of infection have led to a certain decline in trade, tourism, the volume of money transfers and consumer demand, while oil revenues in 2020 decreased due to the global economic downturn.