Sahil Babayev names key factors for ADB's future activities

Azerbaijan calls on the Asian Development Bank (ADB) to increase its responsiveness, flexibility, and innovation, Azerbaijani Finance Minister Sahil Babayev said at the Governors' Business Session during the 59th annual meeting of the Asian Development Bank (ADB) Board of Governors, Report informs.

"It is crucial that ADB continue to enhance its responsiveness, flexibility, and innovation. Strengthening support for programmatic operations, expanding technical assistance, and ensuring competitive financing terms will be key factors in maintaining the bank's strong capabilities," the minister added.

According to him, ADB's comparative advantage lies not only in its financial resources but also in its knowledge, expertise, and ability to build partnerships.

"We encourage the bank to continue to leverage these strengths to address increasingly complex and interconnected development challenges," he noted.

Babayev emphasized that in 2025, ADB will have committed $29.3 billion through a wide range of financial instruments for various projects.

"This represents a 20% increase compared to 2024, demonstrating a significant expansion of ADB's operational activities. ADB's investments in the financial sector have increased significantly, reaching $7.3 billion. These reforms are aimed at strengthening financial systems, deepening capital markets, and expanding financial inclusion, particularly for micro, small, and medium enterprises," he added.

The minister noted that last year, ADB allocated $2.1 billion to support urban infrastructure projects in partner countries, with a focus on improving key elements of sustainable and inclusive urban development.

"The bank's continued focus on quality infrastructure, digital transformation, and regional connectivity is particularly significant. The bank's efforts to strengthen food security, energy resilience, and fiscal stability in developing member countries are timely and commendable," Babayev emphasized.