DUSHANBE, December 7. /TASS/. The Asian Development Bank (ADB) has approved $60 million in budget support assistance to support investment climate reforms in Tajikistan, the organization said in a press release on Monday.

"The Asian Development Bank has approved $60 million in budget support assistance for the first phase of a program to expand economic opportunities, develop the private sector, and attract investments to Tajikistan," the report said.

"ADB’s long-term assistance and technical advice gives the government the support it needs to introduce structural reforms that can help businesses set up and expand their production. This creates better paid jobs," Financial Sector Specialist in ADB’s Central and West Asia Department Ruben Barreto was quoted as saying. According to Barreto, "the program is divided into three phases and is due for completion in 2019," with financing for the first phase including a $53.4 million grant and a $6.6 million concessional loan from the Asian Development Fund. "The resources will be disbursed in a single tranche to the Government of Tajikistan upon compliance with policy actions. The State Committee on Investments and State Property Management is the executing agency for the program," he added.

According to the report, "the program includes reforms to help reduce costs of doing business, to strengthen protection for businesses, and to increase business innovation and productivity. Major reforms include a new regulatory impact analysis system for newly proposed legal acts; improving transparency through the disclosure of business ownership; reforming Tajikstandard’s functions; and developing a new electricity tariff policy to eliminate cross-customer price subsidies."

Tajikistan joined ADB in 1998. To date, ADB has approved total assistance of around $1.4 billion in concessional loans, grants, and technical assistance to the country. ADB, based in Manila, focuses on reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members — 48 from the Asia-Pacific region.