ADB approves regional water resources management project with Azerbaijan's participation

Azerbaijan has joined a regional Asian Development Bank (ADB) project "Strengthening Transboundary Water Collaboration for Climate-Resilient Water Management under the Central Asia Regional Economic Cooperation (CAREC) Water Pillar," Report informs referring to the ADB.

The project covers Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

The total cost of the technical assistance is $750,000. Financing is planned for the ADB Technical Assistance Special Fund.

The technical assistance envisages the creation of a regional cooperation platform to connect people, policies, and projects for shared and sustainable development.

The ADB notes that the project will support institutional mechanisms for regional cooperation, upgrade climate-resilient water management procedures and tools, and generate knowledge in support of future priority climate-resilient projects.

Azerbaijan has been a member of ADB since 1999. During this period, the bank invested approximately $5.6 billion in the country, including $4.4 billion in the public sector and $1.2 billion in the private sector. The largest financing areas were transport ($1.5 billion) and energy ($1.7 billion).

As part of the new partnership strategy, ADB is prepared to invest up to $2.5 billion in Azerbaijan.

ADB was established in 1966 and is headquartered in Manila. The bank brings together 69 member countries, 50 of which are from the Asia-Pacific region.