Baku: Azerbaijan's Minister of Finance, Sahil Babayev, who also serves as the Governor of the Asian Development Bank (ADB) for Azerbaijan, met with a delegation from the ADB Board of Directors on September 14. The discussions centered on the current state and future development of the partnership between Azerbaijan and the ADB, focusing on joint projects, private sector support, public-private partnerships, and regional cooperation.

According to Azerbaijan State News Agency, Minister Babayev highlighted the significant value that Azerbaijan places on its cooperation with the ADB, describing the bank as a long-term and reliable partner. He noted the importance of the projects financed by the ADB, along with its technical and financial support, in achieving Azerbaijan's development goals. Since becoming a member of the ADB, Azerbaijan has received $5.6 billion in financing for 160 projects.

The meeting emphasized strengthening the private sector's involvement in economic diversification and ensuring sustainable economic growth as a major priority within the Country Partnership Strategy for 2025-2029. Expanding the ADB's non-sovereign operations and increasing opportunities for private investment and capital were identified as crucial for the Azerbaijani economy.

Members of the ADB Board of Directors reiterated the importance of the long-standing partnership with Azerbaijan. They stressed the need to continue collaboration within the Central Asia Regional Economic Cooperation (CAREC) Program and to enhance joint efforts in the transport, energy, and trade sectors.

Additionally, the meeting addressed the ongoing Azerbaijan Railways Digital Transformation Project and discussed new draft projects in the energy, transport, and water sectors.