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.