Asian Development Bank (ADB) Board of Directors has approved a $250-million policy-based loan in support of the Azerbaijani government’s second program for Improving Governance and Public Sector Efficiency Program, a source with the ADB has said.
Credit funds for the implementation of the second phase of the program will be provided for 15 years.
According to the reports published earlier, the program is aimed at improving governance in the public sector and diversifying the economy. By reforming the legal and institutional structures, the Azerbaijani government is helping to improve the business environment and access to finance for small and medium enterprises (SMEs).
Within the framework of this program the Azerbaijani government has implemented 22 reforms in the field of state financing, improving corporate governance in state-owned companies and in the financial sector. ADB says that one of the strong reforms implemented is related to the implementation of corporate standards in state-owned companies. (AzerNews/Business World Magazine)
