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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