Masato Kanda: ADB prepared to invest up to $2.5B in Azerbaijan through 2029

The Asian Development Bank (ADB) officially launched its new Country Partnership Strategy for Azerbaijan today, ADB President Masato Kanda said in a post on X, as quoted by Report.

"I met with Minister of Finance and ADB Governor Sahil Babayev to launch the new ADB Country Partnership Strategy for Azerbaijan. With new financing requests, ADB is prepared to invest up to $2.5 billion through 2029. We will work closely with the government to advance renewable energy, modernize rail and metro systems, and strengthen private sector growth," he said.

On July 29, the ADB approved its Partnership Strategy with Azerbaijan for 2025–2029. The strategy emphasizes the importance of creating added value, integration, and sustainability to achieve the country"s development goals. Over the next five years, it will focus on two main areas: supporting the establishment of a green and diversified economy, and developing low-carbon infrastructure connectivity and inclusive growth.

Masato Kanda is currently on a visit to Baku.

Azerbaijan has been a member of the ADB since 1999. During this time, the bank has invested about $5.6 billion in the country, of which $4.4 billion went to the public sector and $1.2 billion to the private sector. The largest investments were in transport ($1.5 billion) and energy projects ($1.7 billion).

The ADB was established in 1966, with its headquarters in Manila, Philippines. The bank brings together 69 member countries, 50 of which are in the Asia-Pacific region.