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ADB approves strategy for Azerbaijan

September 29, 2014

The document covers the period from 2014 to 2018.

The Board of Directors of the Asian Development Bank (ADB) approved a new strategy of cooperation with Azerbaijan on Monday.

Oxu.Az reports citing that the document covers the period from 2014 to 2018.

"ADB's strategic approach to Azerbaijan is to implement infrastructure projects in transport, energy, water supply and other urban utilities and services. Efficient infrastructure will create new and develop existing opportunities for the development of non-oil sector, increasing access to new markets and performance metrics, in particular, in the regional centers and rural areas", the bank reports.

The strategy was developed taking into account the economic development plans drawn up by the Government of Azerbaijan. Among other things, ADB will provide to the country $ 752 000 000 for projects in various fields in the period from 2014 to 2017.

ADB was established in 1966 and has 67 members. The company's headquarter is located in the capital of the Philippines - Manila. Azerbaijan joined the Asian Development Bank on 22 December 1999, the share of our country in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 per cent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).

By the end of 2013, for the entire period of cooperation, ADB has provided to Azerbaijan a total of about $ 1.64 bn for 20 projects

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