Azernews.Az

The Azerbaijani government signed a memorandum of understanding with the Asian Development Bank (ADB) in connection with holding the 48th annual general meeting of the ADB Board of Governors in Baku, the Ministry of Finance said on Tuesday.

The memorandum was signed in Manila on Tuesday during the working visit of a trade delegation headed by Minister of Finance Samir Sharifov.

The agreement envisages holding the ADB board meeting in Baku on May 3-5, 2015.

During the visit, the minister discussed the organisational and preparatory work with the bank's senior officials in connection with the annual meeting, as well as bilateral cooperation.

ADB President Haruhiko Kuroda said during a meeting with the Azerbaijani delegation that Azerbaijan, as a shareholder of the bank, is an ADB active member and plays a leading role in further achievements of the region with its dynamically growing economy.

The ADB president expressed confidence that adequate chairmanship at the 48th annual meeting of the ADB Board of Governors will again prove Azerbaijan's reliable partnership.

Over 4000 ministers and senior officials, business leaders, representatives of international financial institutions, civil society and media from 67 ADB member-states are expected to attend the annual meeting.

"Azerbaijan attaches great importance to cooperation with the bank," Sharifov said. "The main purpose of this visit, made upon Azerbaijani President Ilham Aliyev's order, is to expand existing relations."

The minister said that the annual meeting, to be held in Baku in May 2015, will be organised at a high level and the Azerbaijani government will fulfill all the obligations imposed on it.

"The country's experience, the current economic situation, political stability and infrastructure created in Baku and meeting high standards, allow holding such important events in Azerbaijan," Sharifov said.

The ADB was established in 1966. The headquarters of the bank is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999.