Azerbaijan, ADB discuss future cooperation directions

By Azernews

By Ayya Lmahamad

Azerbaijan and the Asian Development Bank (ADB) have discussed future directions of cooperation, Azernews reports.

The discussion took place during a meeting between Azerbaijan’s Finance Minister Samir Sharifov and a delegation led by ADB’s Vice President Shixin Chen.

During the meeting, the parties discussed the cooperation strategy, which will be prepared in 2023 and will cover the period of 2024-2028.

Moreover, they discussed the progress of jointly implemented projects, in particular, the bank’s support for the macroeconomic stability of Azerbaijan, improving the efficiency of the public sector, financing of the Southern Gas Corridor, and the reconstruction of part of the North-South Transport Corridor.

Samir Sharifov informed about the macroeconomic situation in Azerbaijan, the economic reforms carried out, as well as the reconstruction of liberated territories. In this regard, he underlined the significant role of the ADB lending and technical assistance programs in diversifying the economy and implementing important projects.

Furthermore, Shixin Chen stressed that ADB is a reliable partner of Azerbaijan in the direction of improving the efficiency of the public sector in the country, strengthening the private sector development, diversifying the non-oil sector by investing in transport and irrigation infrastructure, as well as strengthening human capital to meet the needs of a diversified economy.

The vice president also expressed confidence that joint projects between ADB and Azerbaijan will be successfully continued.

Azerbaijan has been a member of the Asian Development Bank since 1999. Since then, the bank has committed $4.4 billion in loans, and $32.28 million in technical assistance projects, including ADB-administered co-financing for Azerbaijan.