Azerbaijan, ADB mull country's strategic role in promoting regional connectivity through CAREC

The Asian Development Bank (ADB) and Azerbaijan have discussed opportunities to support water supply projects, ADB President Masato Kanda wrote on X, Report informs.

The discussions took place during a meeting with Azerbaijani Finance Minister Sahil Babayev on the sidelines of the 59th Annual Meeting of the ADB Board of Governors.

"With Azerbaijan, we focused on urban infrastructure, water, transport, and its strategic role in connectivity through the Trans-Caspian Green Energy Corridor," he wrote.

Azerbaijan has been a member of the ADB since 1999. During this period, the bank has invested over $5 billion in the country's economy, financing 145 projects. Of these, approximately $4 billion was directed to the public sector, and $1 billion to the private sector. The largest financing areas are transport ($1.5 billion) and energy ($1.7 billion).

As part of the new partnership strategy with Azerbaijan, ADB intends to invest up to $2.5 billion in the country.

Additionally, ADB intends to invest over $10 billion by 2030 in strengthening regional connectivity, developing clean energy, digital transformation, and creating inclusive infrastructure throughout the South Caucasus and Central Asia.

ADB was founded in 1966, and the bank is headquartered in Manila. The bank comprises 69 member countries, 50 of which represent the Asia-Pacific region.