Azernews.Az

Nazrin Abdul

Read more

The Asian Development Bank (ADB) will target its investments in Azerbaijan toward selective, innovative projects aimed at supporting economic growth in the non-oil and gas sector and fostering private sector development, Azernews reports, citing the bank.

According to the ADB, it will provide analytical and advisory support to government agencies, partners, and investors in Azerbaijan to jointly develop and implement economically efficient and results-driven solutions.

The bank’s investment strategy will emphasise two main pillars: supporting the creation of a green and diversified economy, and promoting low-carbon connectivity and inclusive development.

These investments will be carefully selected and innovative in nature, with a primary focus on boosting economic growth outside the traditional oil and gas industries and accelerating private sector advancement.

Additionally, cross-sector support initiatives will be implemented, targeting private sector development, climate change mitigation, disaster risk management, gender equality promotion, and the acceleration of digital transformation, as outlined in the ADB’s partnership strategy for Azerbaijan for 2025–2029.

The ADB’s “Integrated Approach” will contribute to Azerbaijan’s transition to a knowledge-based, innovative, environmentally sustainable, and diversified economy. This approach will align with the mid-term review and priority areas of the ADB’s Strategy 2030. Taking into account current regional and global instability, accompanying risks, and opportunities, the strategy will adopt a flexible approach tailored to meet Azerbaijan’s needs.