The Azerbaijan State News Agency

ECONOMY

ADB`S VICE PRESIDENT HOLDS PRESS CONFERENCE

22.11.2008 [14:18]
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Vice President of the Asian Development Bank (ADB) Mr. Xiaoyu Zhao held a press conference in Hyatt Regency Hotel, in Baku on November 21 dedicated to the results of the conference of Central Asia Regional Economic Cooperation (CAREC) program.

Mr. Zhao underlined that aim of the conference is to maintain economic stability in the region. He noted that in the coming years, ADB will make investments in the region`s energy, trade and transport sectors. ADB will allot US $ 1 bln to the countries of Central Asia and Azerbaijan within the next few years. Main part of the means will be expended for laying of gas and electric power lines and preservation of the national energy resources, while the remaining part for development of the East-West corridor. Asian Development Bank will allocate US $ 200 mln to implement water and energy projects in Azerbaijan next year, added Vice President.

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