ADB directors board approves strategy on Azerbaijan

Manila, Philippines, Sept.29 By Emin Aliyev - Trend: The Board of Directors of the Asian Development Bank approved a new strategy of cooperation with Azerbaijan Sept.29, the bank told Trend. The document covers the period from 2014 to 2018. "ADB's strategic approach to Azerbaijan is to implement infrastructure projects in transport, energy, water supply and other urban utilities and services. Efficient infrastructure will make it possible to create new opportunities and develop the existing ones for the development of non-oil sector, increase access to new markets and performance indexes - in particularly in the regional centers and rural areas," the bank said. The strategy was developed taking into account the economic development plans drawn up by the Government of Azerbaijan. Moreover, ADB will allocate $752 million to the country for projects in various fields for the period 2014-2017. ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB 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. By the end of 2013, for the entire period of cooperation, ADB allocated to Azerbaijan about $1.64 billion for 20 projects.