Azerbaijan attends ADB Board of Governors meeting

Azerbaijan took part in the 59th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) held in Samarkand on May 4, the finance ministry said.

Finance Minister Sahil Babayev represented Azerbaijan at the meeting, which was held under the theme “Crossroads of Progress: Shaping a Connected Future for the Region.”

Uzbek President Shavkat Mirziyoyev highlighted the country’s socio-economic achievements and praised the role of international financial institutions, including the ADB, in supporting development projects.

ADB President Masato Kanda said the bank remained a key partner in advancing renewable energy targets by 2030 and noted progress in job creation, infrastructure recovery and living standards.

At a business session, participants reviewed the ADB’s 2025 report and approved its 2026 budget, along with measures to strengthen governance and strategic implementation.

Babayev said the ADB committed $29.3 billion in 2025 through loans, grants, equity investments, guarantees and technical assistance, up 20% from 2024.

He added that $7.3 billion was directed to the financial sector, stressing priorities such as financial stability, capital market development and access to finance for small businesses.

Babayev also highlighted the ADB’s role in infrastructure, digital transformation and regional connectivity, as well as food security and energy resilience.

On the sidelines, Babayev held talks with Japan’s finance minister and ADB governor for Japan, Satsuki Katayama, focusing on expanding cooperation, including in infrastructure and knowledge exchange.

He also met Uzbekistan’s Deputy Prime Minister and Economy Minister Jamshid Kuchkarov, with the sides agreeing to prepare and sign a memorandum on financial cooperation.