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Asian Development Bank Heavily Investing in Azerbaijan

Asian Development Bank (ADB) has invested $1.7 billion in various projects in Azerbaijan by giving Baku 20 loans since 1999.

The news was announced by Azerbaijan's Finance Minister Samir Sharifov at a meeting celebrating the 15th anniversary of country's accession to the ADB attended by Vice-President of the Bank Wencai Zhang.

"Some $1.334 billion have been invested as of early this year under loan agreements with the bank," Sharifov said, adding that the volume of used funds stood at about $570 million.

"Following the restoration of Azerbaijan's independence, the effective integration of the country into the global economic system was chosen as a strategic goal of economic policy, and this goal certainly would not have been achieved without cooperation with international financial institutions," the minister noted.

Minister Sharifov said currently Azerbaijan ranks 26th in the world and 18th in the region in terms of possession of shares in ADB.

"ADB has actively participated in implementing infrastructural projects in Azerbaijan. These projects touched such areas as transportation, water supply and so on. ADB projects cover both public and private sectors, and a representative office of the bank has been operating in Baku since 2004," Sharifov added.

He also noted that Azerbaijan intends to continue strengthening cooperation with ADB to achieve the sustainable economic development goals.

The current cooperation and the prospects for future cooperation between Azerbaijan and the ADB also were discussed during the meeting. The event emphasized the successful development of cooperation and the importance of joint implementation of water, transportation, and other infrastructural projects.

Zhang visited Ganja city and Goychay region during his visit to Azerbaijan to review the process of implementation of ADB projects.

"Progress and development are observed in these regions of the country, as well as in Baku," Zhang said.

The issue of holding a meeting of ADB Board of Governors in Baku in 2015 was also discussed during the meeting. Sharifov said the preparatory work for the meeting is being conducted at a high level and in accordance with the scheduled program.

Zhang, in turn, expressed confidence in Baku holding the meeting, adding that Azerbaijan will once again prove itself as a reliable partner of ADB.

Azerbaijani Transport Minister Ziya Mammadov met a delegation headed by Wencai Zhang afterwards.

Addressing the meeting, Mammadov stressed that transport is one of the priorities of the Azerbaijani economy. He also spoke of the construction of Baku International Sea Trade Port, the state program for the railway development, as well as large regional projects and the expansion of international cooperation, adding that Baku-Tbilisi-Kars railway project is under completion.

Zhang, in turn, stressed that there is great potential to expand cooperation between ADB and Azerbaijan.

Established in 1966, ADB has 67 member countries. The bank's headquarters is located in Manila, the capital of the Philippines.

ADB's leading shareholders are Japan and the U.S (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.

Azerbaijan's share in the bank's capital is 0.5 percent.

Source: AzerNews

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