Azerbaijani delegation attends ADB`s annual meeting

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Baku, May 7 (AZERTAC). The Azerbaijani Minister of Finance Samir Sharifov and his accompanying delegation participated in the 45th annual meeting of the ADB Board of Governors in Manila, the capital of Philippines.

During the meeting, it was decided to host the annual meeting of the ADB Board of Governors in Baku, in 2015.

ADB`s meeting brought together more than 5,000 delegates including finance ministers and other key policymakers, business leaders and academicians. President of Philippines Benigno Aquino and ADB President Haruhiko Kuroda made speeches.

Azeri minister of finance told of socio-economic achievements of Azerbaijan. He said over the past 8 years, Azerbaijan`s economy increased three-fold, poverty reduced from 49 percent to 7.6 percent and GDP doubled.

Sharifov stressed the necessity of supporting Central Asia Regional Economic Cooperation Program (CAREC). He said the government of Azerbaijan has loaned 6 billion dollars to develop the transport corridor. The minister said development of infrastructure, water supply and sewerage systems, building of the roads will be main priority in cooperation with ADB.

Key issues at this meeting included what Asia must do to adapt to the global economic downturn, build resilience in urban centers, promote green growth, ensure regional food security, and grow trade between Asia and Latin America. The meeting took place against the backdrop of an Asia and Pacific region that has seen steady growth and is leading global recovery, but is vulnerable to growing inflation, spikes in fuel prices, austerity measures in the eurozone, and worsening impacts of climate change. The theme of “Inclusive Growth through Better Governance and Partnerships” provided a platform to discuss one of the region’s most pressing issues: how to bring the benefits of Asia’s rapid growth to all levels of society, especially the poor. Determining how best to pursue inclusive growth can lead to sustainable growth, support greater levels of trade, and generate growth in tourism. Conversely, a weaker Asia presents a host of threats to global growth and prosperity.

ADB also announced that it secured $12.4 billion for its concessional Asian Development Fund, a 9.5% increase over the previous four-year period. The funds will be used to promote gender mainstreaming, good governance, food security, private sector development and the formation of a Disaster Response Facility. The Board of Governors is ADB`s highest policy-making body and the annual meetings are statutory occasions at which Governors can provide guidance on ADB`s administrative, financial, and operational priorities. Next year`s meeting will take place in Delhi, India from 2-5 May.


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