Economy Minister hails cooperation with Asian Development Bank [PHOTO]

25 September 2020 17:03 (UTC+04:00)

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that Azerbaijan attaches great importance to cooperation with Asian Development Bank, reminding that the bank has allocated over $5.2 million for the implementation of a number of projects in the country.

Jabbarov made the remarks during the meeting with the Head of Azerbaijan Resident Mission of the Asian Development Bank Nariman Mannapbekov on September 24.

The minister said that Azerbaijan actively participates in the Central Asia Regional Economic Cooperation program.

It was noted during the meeting that the preparation of the project with ADB can be useful as a tool for financing, as well as for the implementation of projects in the field of high technology and innovation, education, small and medium business development, public-private partnership and tax policy.

Talking about development priorities of Azerbaijan, Jabbarov informed the head of ADB about economic reforms, diversification of economy, measures on development of non-oil sector and increase of competitiveness in the country. In addition, he emphasized the possibility of cooperation between Asian Development Bank and Azerbaijan Investment Holding.

In turn, Mannapbekov expressed satisfaction with the bank’s activity in the country and shared his opining on the directions of expansion of relations between Azerbaijan and ADB.

Azerbaijan has been a member of Asian Development Bank since 1999. Since then, the bank has committed $4.4 billion in loans, $32.28 million technical assistance projects, including ADB-administered co-financing for Azerbaijan.

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