Photo: Ministry of Finance of the Republic of Azerbaijan

BAKU, Azerbaijan, September 14. A total of $5.6 billion in financing has been provided for 160 projects within the framework of cooperation with the bank since Azerbaijan became a member of the Asian Development Bank (ADB).

This was reflected in a statement issued by the Ministry of Finance following the September 14 meeting between Finance Minister Sahil Babayev, who also serves as Azerbaijan’s Governor for the ADB, and a visiting delegation comprising members of the ADB Board of Directors.

"The meeting focused on the current state and future prospects of the partnership between Azerbaijan and the ADB, as well as issues regarding joint projects, support for private sector development, public-private partnerships, and regional cooperation," the Ministry noted.

Minister Sahil Babayev emphasized the great importance Azerbaijan attaches to its cooperation with the ADB as a long-term and reliable partner. He pointed out that the projects financed by the bank in the country, along with the technical and financial support provided, play a significant role in realizing Azerbaijan's development priorities.

During the meeting, it was noted that strengthening the private sector's role in economic diversification and ensuring sustainable economic growth is a key priority within the framework of the Country Partnership Strategy for 2025–2029. In this regard, the importance of expanding the ADB’s non-sovereign operations and enhancing opportunities to attract private investment and capital into the country's economy was stressed.

For their part, members of the ADB Board of Directors highlighted the significance of the long-standing and productive partnership between Azerbaijan and the Bank. Particular focus was made on the importance of continuing cooperation with Azerbaijan within the framework of the CAREC Program and expanding joint initiatives in the transport, energy, and trade sectors.

During the meeting, discussions also covered the ongoing Azerbaijan Railways Digital Transformation Project, as well as new projects currently being jointly developed with the ADB in the energy, transport, and water sectors.