Azerbaijani Minister of Finance Sahil Babayev met with a delegation led by Executive Director on the Board of the Asian Development Bank (ADB) Rachel Thompson.
During the meeting, the parties hailed the existing partnership between Azerbaijan and the ADB, highlighting its comprehensive commitment to Azerbaijan's socio-economic development through significant contributions in the form of loans, grants, and technical assistance, News.Az reports, citing the country's Ministry of Finance.
The meeting also focused on the issues concerning the ADB's Country Partnership Strategy (CPS) for Azerbaijan for 2025-2029. It was noted that the strategy encompasses extensive measures aimed at diversifying the country's economy, strengthening resilience, and ensuring inclusive growth.
Minister Sahil Babayev highlighted Azerbaijan's economic growth, emphasizing successful diversification into sectors like agriculture, ICT, industrial production, logistics, and green energy.
He also outlined the ADB's support in financing multiple projects in Azerbaijan within the "State Program on Improving Water Supply, Wastewater Management and Stormwater Drainage Systems in Baku City and the Absheron Peninsula for 2025-2034," particularly, the expansion of Baku Metro lines, as well as the modernization of the country's railway infrastructure.
Acknowledging the high-level cooperation between Azerbaijan and the ADB, Rachel Thompson expressed his optimism that this partnership would be further enhanced in the coming period.
