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In the News

ADB director makes introductory visit to Azerbaijan

AZERNEWS

September 17, 2013

 

By Nigar Orujova

Executive Director of the Asian Development Bank (ADB) Anthony Baker made an introductory visit to Baku on September 9-15, the ADB Baku office reports.

Baker has been recently appointed to the post, and represents Azerbaijan in the ADB Board of Directors.

During the visit, Baker held meetings with Azerbaijani Deputy Prime Minister Abid Sharifov, Economic Development Minister, alternate ADB Governor, Shahin Mustafayev, First Deputy Minister of Finance Ilgar Fatizadeh, Deputy Minister of Transport Musa Panahov, Chairman of Azersu company Gorkhmaz Huseynov and Chairman of Azeryolservis Javid Gurbanov.

At the meetings, Baker discussed implementation process of current ADB-funded projects in various sectors, financial aspects of investment programs, as well as prospects of future cooperation in different fields identified as priority fields by government of Azerbaijan.

Baker also visited Goychay to inspect the on-going water supply project and Ganja to check the completed Ganja Bypass and local road projects.

He also met with Head of Ganja Executive Power, and Head of Goychay Executive Power.

Baker concluded his visit to Azerbaijan by touring the meeting site, which will host ADB's Annual Meeting of Board of Governors to be held in Baku in 2015.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.

Established in 1966, it is owned by 67 members - 48 from the region. In 2012, ADB assistance totaled $21.6 billion, including cofinancing of $8.3 billion.

Currently, ADB has seven active projects in Azerbaijan. Its current portfolio hits $990 million. Around 46 percent of the portfolio falls to the transport sector.

According to the bank's updated business plan on operations in Azerbaijan for 2012-2014, the total amount of funding for the ADB approved projects in Azerbaijan in this period will hit $575 million.

Azerbaijan is a member of the ADB since 1999. The country's share in the bank's capital is 0.5 percent.

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