Ilham Aliyev received Asian Development Bank vice-president

President of the Republic of Azerbaijan Ilham Aliyev has received Vice-President (Operations 1) of the Asian Development Bank (ADB) Wencai Zhang.

Saying he is very pleased with the level of development of cooperation between Azerbaijan and ADB, the head of state emphasized the importance of the Asian Development Bank’s support for the economic projects in Azerbaijan. President Ilham Aliyev underlined that ADB allocated loans worth more than $1 billion for one of those projects of crucial importance, the Southern Gas Corridor, adding that ADB was the first international bank to support this project. The head of state also hailed ADB’s allocation of loans for various infrastructure projects in Azerbaijan, including $250 million for energy and $400 million for railway projects.

President Ilham Aliyev emphasized that Azerbaijan already paid off a $500 million countercyclical loan, which had been allocated by the ADB in 2016 to support macroeconomic stability in the country, much ahead of time this year. The head of state added that Azerbaijan demonstrated that it is a reliable partner of ADB.

Noting the importance of drafting 2019-2023 ADB country partnership strategy for Azerbaijan, the President hailed the bank`s activity towards supporting the private sector. President Ilham Aliyev praised the initiative to issue the Asian Development Bank’s bonds in Azerbaijan in manats, saying that that these funds will be used for issuing loans for the implementation of private sector projects in the country. The head of state noted that Azerbaijan is interested in receiving ADB’s support regarding the application of the up-to-date technologies in building irrigation systems.

Emphasizing ADB`s role in regional cooperation, President Ilham Aliyev expressed his confidence that the bank will contribute to the establishment of relations in the field of transport and logistics among countries.

Touching upon the successful development of cooperation between Azerbaijan and ADB, President Ilham Aliyev said the 48th Annual Meeting of the Board of Governors of the Asian Development Bank held in Baku was a milestone event in terms of the expansion of ties between Azerbaijan and the bank. President Ilham Aliyev described ADB Vice-President Wencai Zhang’s visit to Azerbaijan as a good opportunity to discuss the works done and future projects.

Wencai Zhang thanked the head of state for the warm words and greeted him on behalf of President of the Asian Development Bank Takehiko Nakao.

The ADB vice-president said that Azerbaijan-ADB cooperation has been developing successfully since Azerbaijan joined the bank in 1999. He described this collaboration as great partnership. He said that ADB has provided loans and financial guarantees amounting to more than $4 billion and rendered technical assistance to Azerbaijan during this period. Wencai Zhang stressed the importance of expanding these ties. He emphasized the significance of drafting ADB’s country partnership strategy for 2019-2023 for Azerbaijan in this regard.

Pointing out Azerbaijan’s achievements in strengthening macroeconomic stability in recent years, Wencai Zhang expressed ADB’s readiness to give comprehensive support to the implementation of the Strategic Road Map aimed at sustainable economic development in Azerbaijan.

President Ilham Aliyev expressed his gratitude for Takehiko Nakao’s greetings and asked the ADB vice-president to convey his greetings to the president of the bank.