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Azerbaijan Invites ADB to Get Stake in Local Companies

Economy Minister Shahin Mustafayev said that the Bank may act as a shareholder in Azerbaijani companies.

Mustafayev made the remarks while addressing the meeting with ADB Vice President Wencai Zhang, who is responsible for operations in the ADB South Asia Department and the Central and West Asia Department.

He went on saying that the financial institution has so far allocated $2.8 billion for various projects in Azerbaijan. The country, in turn, takes an active part in the ADB Central Asia Regional Economic Cooperation (CAREC) Program.

Mustafayev also spoke about the large-scale energy and infrastructure projects being implemented in Azerbaijan, including construction of the Baku Sea Port, the International North-South Transport Corridor and Free Trade Zone (FTZ).

ADB's core ongoing operations in Azerbaijan include support for transport, energy, urban infrastructure, and the private sector, as well as technical assistance and program in various areas, including knowledge sharing of best international practices in finance, education, governance and economic development. Moreover, ADB is currently seeking new potential areas for cooperation with Azerbaijan, including vocational education, urban governance and development of alternative energy sources.

ADB, based in Manila, was established in 1966 and has 67 members. Azerbaijan became the organization's member on December 22, 1999. The country has 0.5 percent share in the bank's capital. Since 1999, Azerbaijan has received grants and loans amounting to $2.8 billion.

Source: AzerNews

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