BAKU, Azerbaijan, April 14. Joint projects and
new initiatives have been discussed between Azerbaijan and the
Asian Development Bank (ADB), the statement of the Ministry of
Finance says, Trend reports.
The discussion was held during the meeting between the Minister
of Finance, Head of the ADB in Azerbaijan, Sahil Babayev, and a
delegation led by Leah Gutierrez, the Director General of the
Central and West Asia Department (CWRD) at the Asian Development
Bank (ADB), visiting the country.
The meeting discussed the prospects for expanding cooperation
between Azerbaijan and the ADB, especially the projects implemented
and planned for implementation within the framework of the bank's
financial and technical support.
Babayev stated that Azerbaijan attaches great importance to
partnership with the ADB, and the projects financed by the bank
within the framework of this cooperation and the financial and
technical support provided play an important role in the
sustainable socio-economic development of the country. He noted
that so far, approximately $5.5 billion has been financed for 145
projects within the framework of cooperation with the ADB, and as a
continuation of this partnership, the Country Partnership Strategy
covering 2025–2029 has been formulated in accordance with national
development priorities.
Stressing that Azerbaijan has prioritized priorities such as
economic diversification, green and sustainable development, as
well as inclusive growth in its cooperation with the ADB, the
minister noted that Azerbaijan acts as an active partner
contributing to the Asian Development Fund for 2021–2027.
At the same time, he highlighted the successive reforms carried
out in the direction of strengthening macroeconomic stability,
increasing fiscal discipline, improving public financial
management, implementing a medium-term expenditure framework,
improving transparency and governance, as well as increasing the
efficiency of state-owned enterprises and expanding the
participation of the private sector in the economy.
Meanwhile, Gutierrez welcomed the development of cooperation
with Azerbaijan and highly appreciated the active participation of
the country, especially within the framework of the Central Asia
Regional Economic Cooperation (CAREC) program. She noted that
strengthening trade, transport, and logistics relations is of great
importance in terms of deepening economic integration in the region
and ensuring sustainable development.
The meeting also included a wide exchange of views on the
directions of transport connections, modernization of water supply
and utility infrastructure, and expanding cooperation in the field
of green energy.
The parties emphasized the importance of expanding opportunities
for joint action in the areas of private sector development,
especially expanding access to finance for small and medium-sized
enterprises, development of capital markets, and attracting
investments through public-private partnership mechanisms
(PPP).
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