Baku: Asian Development Bank (ADB) President, Masato Kanda, announced plans for the ADB to invest up to 2.5 billion U.S. dollars in a bid to support Azerbaijan’s development priorities.

According to Nam News Network, ADB remains committed to aiding Azerbaijan’s transformation into a regional hub that links Central Asia and Europe. This commitment was expressed by Kanda during his meeting with Azerbaijani President, Ilham Aliyev, in Baku. The ADB is collaborating with both the government and the private sector to deliver significant investments in areas such as smart mobility infrastructure, renewable energy, digitalization, and skills development.

The Manila-based bank stated in a press release that to diversify Azerbaijan’s export mix and expand into new markets, ADB is focused on building green and efficient infrastructure. Major regional projects like the Central Asia Regional Economic Cooperation Corridor 2 and the Trans-Caspian Green Energy Corridor are set to enhance connectivity, facilitate trade, and enable the transfer of renewable energy resources from Central Asia to European markets.