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48th Annual Meeting of ADB Board of Governors to be held in Baku - PHOTO

48th Annual Meeting of ADB Board of Governors to be held in Baku - <font color=red>PHOTO</font>

07 May 2012 11:32 (UTC +04:00)

Azerbaijanâ€™s FinMinistry told APA that during the 45th annual meeting in Manila, the Board of Governors unanimously decided to hold the 48th annual meeting, to be held in 2015, in Baku.

Azerbaijan was represented at the 45 annual meeting by the delegation led by FinMinister Samir Sharifov. During his speeches Sharifov spoke about socio-economic achievements of Azerbaijan got during the past 8 years and noted that during these years Azerbaijanâ€™s economy developed rapidly and grew by 3 times; a number of achievements were obtained in direction of improvement of living standards at the expense of effective use of oil incomes. Besides, level of poverty dropped from 49% to 7.6%; natural population growth had been restored; average age rose; the volume of social and communal services had increased.

The minister noted that during the next 10 years, Azerbaijani president Ilham Aliyev aims to increase the volume of GDP by 2 times at the expense of rapid development of non-oil sector.

According to Sharifov, support of CAREC program by Bankâ€™s Board of Directors is important and he noted that, works on transportation of goods from Chine, Pakistan and Central Asian countries to Turkey and South European markets through Azerbaijan had to be conducted. He also noted that, Azerbaijan spent $6 bln for development of this transport corridor: â€œThis fund is for construction of the largest trade port in Caspian Sea, purchase of ships and railway rafts for dry cargo transportation and tankers for oil product transportation, reconstruction of highway merging Azerbaijan and Georgia, at the same time, reconstruction of railway, providence of preferential loans for Georgia for construction of new railway linking Georgia and Turkeyâ€.

Appreciating the Azerbaijan-ADB links Sharifov noted that, this cooperation would be strengthened: â€œdevelopment of infrastructure, distribution of power energy, development of water supply and canalization, road economy will make main directions of cooperation with ADBâ€.

Sharifov also spoke about Azerbaijanâ€™s intention on hosting to 48th meeting of ADB Board of Directors in 2015. Minister stressed the current economic situation, high infrastructure in the city.

Several decisions, as well allocation of additional capital from the donor countries to Asian Development Bank were passed at the end of the meeting. Board of Directors passed decision on holding of 48th meeting in Baku.

Note that, next 46th meeting of Board of Directors will be held in Delhi, India, on May 2-5, 2013.