BAKU, (DNA) – The Asian Development Bank (ADB) has disbursed $50.85 million of budget support assistance for the second phase of a program to expand economic opportunities, develop the private sector, and attract investments to Tajikistan.

The Bank reported that the program was designed and implemented in collaboration with other development partners.

“Creating good jobs through increased private investment, economic diversification, and competitiveness is a cornerstone of the government’s development policy,” said Pradeep Srivastava, ADB Country Director for Tajikistan.

Major reforms included in the program are a new regulatory impact analysis system for recently proposed legal acts; increasing transparency of proposed legislation; improving product quality accreditation and certification; developing a new electricity tariff policy to eliminate cross-customer price subsidies; and establishing a microcredit fund to provide financing in local currency to food production businesses and farmers.

The program is divided into three phases and is due for completion by 2020. The ADB financing for the second phase includes a $19.24 million grant and a $31.61 million concessional loan. The State Committee on Investments and State Property Management is the executing agency for the program.

ADB provided $60 million in budget support in December 2015 during the program’s first phase.

Tajikistan joined ADB in 1998. To date, ADB has approved over $1.5 billion in concessional loans, grants, and technical assistance to the country. ADB operations in Tajikistan focus on improved infrastructure, investment climate reforms, and improved food security.