ADB President Holds Talks with Azerbaijan Leaders

BAKU, AZERBAIJAN - The President of the Asian Development Bank (ADB), Mr. Haruhiko Kuroda, met with Azerbaijan President Ilham Aliyev to discuss wide-ranging issues including the impacts of the global financial crisis and the country's economic reforms.

“The government is to be commended on the progress made in its economic reforms,” said Mr Kuroda. “Azerbaijan is an important development partner and ADB will continue to work with the government to improve its infrastructure, especially in the areas of transport and electricity transmission.”

ADB’s assistance to Azerbaijan this year includes a $55 million road network development program and $160 million power transmission enhancement project.

Mr. Kuroda also met with Azerbaijan Minister of Economic Development and ADB Governor, Mr. Shahin Mustafayev.

The meetings were held on the eve of the Seventh Ministerial Conference on Central Asia Regional Economic Cooperation, (CAREC) which the Government of Azerbaijan is hosting. Several important regional strategies involving trade, energy and transportation will be discussed at the CAREC Ministerial Conference.

CAREC is an alliance of eight countries – Afghanistan, Azerbaijan, People’s Republic of China, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan and Uzbekistan – with the common goal of promoting economic cooperation and development in Central Asia. CAREC nations partner with six multilateral institutions – the Asian Development Bank, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme and the World Bank – who combine their assistance in the priority areas of transport, energy and trade.

The Asian Development Bank is a multilateral development bank, owned by 67 member countries. ADB’s main instruments for developing its member countries are policy dialogue, loans, equity investments, guarantees, grants and technical assistance. This year ADB adopted Strategy 2020, a long-term strategic framework that follows three complementary strategic agendas: inclusive growth, environmentally sustainable growth, and regional integration.

Further information about the ADB and CAREC can be found at http://www.adb.org/carec/

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