Azerbaijan, ADB to further cooperate over road projects
Azerbaijan and the Asian Development Bank are keen on keeping cooperating in the implementation of road projects, Azerbaijan’s Transport Ministry reported.
The process of implementation and the current status of the projects financed by the ADB were discussed during the meeting between Azerbaijan’s Deputy Transport Minister Musa Panahov and Director of ADB Transport and Communications Division Xiaohong Yang, according to the ministry.
The sides also discussed the issues related to the future cooperation between Azerbaijan and ADB in the transport sector, financing the priority projects in the sphere of road infrastructure.
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
Since the beginning of cooperation, the Asian Development Bank has allocated over $1.6 billion to Azerbaijan to implement the projects in the sphere of road construction, energy, irrigation, improving water supply and sewerage systems.
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