Azerbaijan, Asian Development Bank explore cooperation
Baku, September 14, AZERTAC
On September 14, Sahil Babayev, Azerbaijan’s Minister of Finance, Governor of the Asian Development Bank (ADB) for Azerbaijan, met with a delegation of the ADB Board of Directors.
The meeting focused on the current state and development of the Azerbaijan-ADB partnership, implementation of joint projects, support for private sector development, public-private partnerships, as well as regional cooperation.
Minister Sahil Babayev emphasized that Azerbaijan attaches great importance to its cooperation with the ADB as a long-term and reliable partner. He described the projects financed by the bank in the country, as well as its technical and financial support as crucial in realizing Azerbaijan's development priorities.
According to him, a total of $5.6 billion of financing has been provided for 160 projects within the framework of cooperation with the bank since Azerbaijan became a member of the ADB.
The meeting outlined strengthening the private sector's role in economic diversification and ensuring sustainable economic growth as a key priority within the framework of the Country Partnership Strategy for 2025–2029. In this regard, the meeting stressed the importance of expanding the ADB’s non-sovereign operations and enhancing opportunities to attract private investment and capital into the Azerbaijani economy.
In turn, the members of the ADB Board of Directors highlighted the significance of the long-standing and productive partnership with Azerbaijan. They particularly emphasized the importance of continuing collaboration within the Central Asia Regional Economic Cooperation (CAREC) Program and enhancing joint initiatives in the transport, energy, and trade sectors.
The meeting also addressed the ongoing Azerbaijan Railways Digital Transformation Project, as well as new draft projects in energy, transport, and water sectors.
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