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In March 2006, ADB approved its first nonsovereign loan and equity investment to Azerbaijan, totaling $15 million. This will strengthen the emerging private banking sector. The financial assistance will improve regulation, growth of the small- and micro-loan portfolio, and support the implementation of professional banking practices by three local private banks—Micro Finance Bank of Azerbaijan, Azerigazbank, and Bank Respublika. ADB approved $8 million to help facilitate trade. ADB has three ongoing loan projects in Azerbaijan totaling $104 million. The disbursement of these loans has been slow on account of lack of familiarity with ADB procedures. ADB also supported the Government’s campaign against avian influenza.
Rich oil and gas resources are expected to continue to be major sources of export revenue. The Government significantly expanded its investment program to develop infrastructure and the non-oil economy. ADB’s strategy in the country focuses on promoting sustainable and inclusive growth through rehabilitation of roads, and improvement of water and sanitation, good governance, private sector development, and regional cooperation.
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