ADB, Azerbaijan partner to boost country's role as Central Asia-Europe hub

The Asian Development Bank (ADB) and Azerbaijan will work together to transform the country into a strategic energy and transport hub linking Central Asia and Europe, ADB said.

The upcoming country partnership strategy for 2025–2029 will steer ADB’s engagement in Azerbaijan, focusing on creating new job opportunities, attracting investments, supporting small businesses, and promoting inclusive growth, the bank noted.

ADB also committed to helping Azerbaijan deliver benefits to women and vulnerable groups, while offering non-sovereign financing products and strengthening micro, small, and medium-sized enterprises.

In 2024, ADB’s commitments to Azerbaijan totaled $226.9 million, including $131.5 million in sovereign and $91.56 million in non-sovereign loans, alongside $3.63 million in technical assistance.

ADB’s outstanding private sector commitments in Azerbaijan reached $143.29 million as of December 31, 2024, representing 1.11% of its total private sector portfolio.

ADB has supported Azerbaijan in developing solar energy, expanding agriculture value chains, and strengthening financial services. The Trade Finance Program was extended to two additional commercial banks.

Azerbaijan’s total outstanding sovereign and non-sovereign debt to ADB amounted to $4.07 billion by the end of 2024, the bank added.