Since the beginning of cooperation, the Asian Development Bank (ADB) has allocated $1.6 billion for implementation of 12 projects to Azerbaijan, the Minister of Economy and Industry Shahin Mustafayev said at the opening ceremony of the 48th annual meeting of the ADB Board of Governors in Baku May 2.

“In addition, the bank has provided grants in the amount of $10 million for the implementation of seven projects and the total amount of loans that were aimed at developing the private sector amounted to $163 million,” he said.

He said that holding of the annual meeting of the ADB in Baku and the arrival of about 3,000 people in the country in order to participate in this meeting is a proof of efficient cooperation of Azerbaijan with the bank.

In addition to financial support, the ADB has also helped to introduce international progressive experience in the country, ensure a high level of control and transparency, the use of most advanced technologies in Azerbaijan.

“All of this is of particular importance for Azerbaijan,” said Mustafayev.
The minister spoke about the achievements made by Azerbaijan during the years of independence.

“At present, Azerbaijan’s economy accounts for 75 percent of the South Caucasus economy,” said Mustafayev. “Over the last ten years, incomes of the population rose by six times, the average monthly salary – by 4.6 times, the unemployment rate amounted to 4.9 percent. If earlier, every second citizen lived below the poverty line, now every 20th citizen does so.”

ADB was founded in 1966 and has 67 members. The bank’s headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country’s share in the bank’s capital is 0.5 percent.

ADB’s leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.