Azernews.Az

By Aynur Jafarova

Azerbaijan and the Asian Development Bank (ADB) have maintained long-term successful cooperation, President Ilham Aliyev said.

The president made this remark during a meeting with a delegation led by ADB President Takehiko Nakao in Baku on November 4.

President Aliyev said the implemented projects contributed to the development of the country's economy and the establishment of modern infrastructure.

The head of state stressed the importance of the 48th Annual Meeting of the ADB Board of Governors to be held in Baku in 2015 in terms of the further strengthening of international cooperation, introduction of the country to the world at a high level and familiarization with the ongoing economic development processes in Azerbaijan.

Nakao, for his part, noted that ongoing development processes in Baku made deep impressions on him.

Touching upon the importance of the 48th Annual Meeting of the Board of Governors, Nakao expressed confidence that this event would be excellently organized bringing together representatives of state and private sectors from many countries.

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 2013, ADB assistance totaled $21 billion, including co-financing of $6.6 billion.

Azerbaijan's share in the bank's capital is 0.5 percent.