New ADB-supported training program to be approved in Azerbaijan - country director (Exclusive)

BAKU, Azerbaijan, March 16. Modernizing Vocational Education and Training (VET) for Economic Diversification Sector Development Program in Azerbaijan is scheduled for approval in the first half of 2023, Candice McDeigan, ADB Country Director in Azerbaijan, told Trend.

According to McDeigan, in 2022, ADB approved a technical assistance grant of $750,000 to prepare the Modernizing VET for Economic Diversification Sector Development Program.

"The proposed VET Program aims to support the government’s efforts to diversify Azerbaijan’s economy by improving the responsiveness of vocational education and training to the country’s labor market and the 4th Industrial Revolution," she said.

As the country director explained, the program comprises a policy-based loan of $120 million, and a project loan of $30 million. This will help to improve VET financing ad inclusiveness, enhance VET quality and relevance, and strengthen the institutional framework of the VET system.

The program is expected to be approved by the ADB’s Board of Directors soon, she noted.

To date, ADB has committed 65 public sector loans, grants, and technical assistance totaling $3.7 billion to Azerbaijan. Cumulative loan disbursements to Azerbaijan amount to $3.93 billion. These were financed by regular and concessional ordinary capital resources. ADB’s ongoing sovereign portfolio in Azerbaijan includes 2 loans and 1 sovereign guarantee worth $856.8 million.