Since Azerbaijan became a member of the Asian Development Bank (ADB), a total of $5.6 billion in financing has been provided for 160 projects within the framework of cooperation with the Bank, the Ministry of Finance said, APA-Economics reports.
On September 14, Minister of Finance and Azerbaijan’s Governor at the Asian Development Bank (ADB) Sahil Babayev received a delegation consisting of members of the ADB Board of Directors who are visiting the country.
The meeting focused on the current state and development prospects of the partnership between Azerbaijan and the ADB, jointly implemented projects, support for private sector development, public-private partnerships, as well as regional cooperation issues.
Minister Sahil Babayev emphasized that Azerbaijan attaches great importance to cooperation with the ADB as a long-term and reliable partner. It was noted that projects financed by the Bank in the country, as well as the technical and financial support provided, play an important role in implementing the country’s development priorities. It was reported that since Azerbaijan became a member of the ADB, a total of $5.6 billion in financing has been provided for 160 projects within the framework of cooperation with the Bank.
It was highlighted that strengthening the role of the private sector in diversifying the economy and ensuring sustainable economic growth is among the main priorities within the framework of the Country Partnership Strategy for 2025–2029. In this regard, it was emphasized that expanding the ADB’s non-sovereign operations and increasing opportunities to attract private investment and capital to the country’s economy are of particular importance.
In turn, members of the ADB Board of Directors noted the importance of the long-term and productive partnership between Azerbaijan and the Bank. In particular, the importance of continuing cooperation with Azerbaijan within the framework of the CAREC Program and expanding joint initiatives in the fields of transport, energy and trade was emphasized.
During the meeting, the ongoing Azerbaijan Railways Digital Transformation Project, as well as new projects being jointly prepared with the ADB in the energy, transport and water sectors, were also discussed.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
