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.