ADB Chairman and Azerbaijani President discuss development priorities

Asian Development Bank (ADB) President Masatsugu Asakawa and Azerbaijani President Ilham Aliyev met to discuss Azerbaijan’s strategic development priorities, including its green transition.

On his first official visit to the country, Asakawa also met with Finance Minister Samir Sharifov and Economy Minister Mikayil Jabbarov, among other senior officials.

“We commend the Government’s priorities of growing a sustainable, competitive and inclusive economy, expanding human capital development and accelerating the country’s energy transition,” Asakawa said. “As we celebrate 25 years of partnership between ADB and Azerbaijan, ADB is recommitted to supporting the country’s development goals.”

Mr. Asakawa and Mr. Aliyev also discussed ADB support for connectivity, sustainable urban transport, and water projects, as well as the development of green energy corridors. Azerbaijan aims to increase its renewable energy capacity to 30% by 2030.

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Yesterday, Mr. Asakawa visited a 230-megawatt solar plant near the settlement of Alat that was co-financed by ADB with a $21.4 million loan. The plant is ADB’s first renewable energy project in Azerbaijan and the country’s first significant private sector investment in renewable energy that includes international long-term development financing.

Tomorrow, Mr Asakawa will draw attention to the problem of glacier melt at ADA University in a speech entitled “The Roof of the World is Melting: A Call for Collective Action to Protect Azerbaijan’s Glaciers.” Melting glaciers due to climate change are increasing the risk of flooding on infrastructure such as roads and bridges, while threatening crops and agricultural production due to disrupted water flows. 2025 is the International Year for the Preservation of Glaciers.

As we celebrate 25 years of partnership between ADB and Azerbaijan, ADB recommits to supporting the country’s development goals

As the Asia-Pacific climate bank, ADB is also supporting Azerbaijan’s COP29 Presidency, including through capacity building ahead of the landmark UN climate summit in Baku in November. Since Azerbaijan joined the bank in 1999, ADB has committed more than $5 billion in sovereign and private sector assistance, in areas such as transport, energy, health and agriculture.

The ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific region, while continuing its efforts to eradicate extreme poverty. Established in 1966, it has 68 members—49 in the region.