Azerbaijan and ADB
In the Spotlight
Azerbaijan is taking steps to expand the base of its oil-dependent economy, laying the foundation for the future of the country's next generation.
Nearly $2 billion has been invested to develop Azerbaijan's transport, energy, and water sectors, as well as its small and medium-sized enterprises. View a photo essay highlighting major accomplishments of the Azerbaijan-ADB partnership.
ADB President Takehiko Nakao met with Azerbaijan President Ilham Aliyev to discuss enhancing the partnership with the country as it prepares to host next year’s ADB Annual Meeting in Baku.
ADB and the Government of Azerbaijan have agreed to a country partnership strategy for 2014-2018 to help diversify the economy and foster new economic opportunities, promote inclusive growth, and reduce urban-rural disparities.
ADB has been a key partner in supporting the development agenda of Azerbaijan, as well as its economic growth and reform program. Azerbaijan has been a member of ADB since 1999 and in 2004, ADB opened a resident mission in the capital, Baku.
Located in the South Caucasus, Azerbaijan is an oil-rich country whose gross national income per capita has increased approximately tenfold since 2001. Consequently, in 2013, ADB upgraded Azerbaijan to a Category C developing member country. Economic growth has been spurred by the exploration and development of oil and gas reserves, high levels of public expenditure, and substantial reforms to support a market-based economy. Despite robust growth, the economy of Azerbaijan remains largely dependent upon the extraction and production of fossil fuels.
Under the country partnership strategy, 2014-2018, ADB continues to work with Azerbaijan to help achieve development targets and ensure inclusive growth.
Azerbaijan will host ADB's 48th Annual Meeting in Baku from 2-5 May 2015.
View the ADB and Azerbaijan fact sheet.