ADB set to finalise new partnership strategy with Azerbaijan for 2025-2029

Director General of the Asian Development Bank’s (ADB) Central and West Asia Department Eugene Zhukov has said that the ADB is on the verge of finalising a new partnership strategy with Azerbaijan for 2025-2029, with a strong focus on sustainable development and economic diversification. 

Zhukov made these remarks during a briefing at the 58th Annual Meeting of the ADB in Milan, Italy, Caliber.Az reports via local media.

“The new strategy will centre around two primary goals. The first is fostering the development of a green and diversified economy, and the second is enhancing low-carbon connectivity while promoting inclusive growth in Azerbaijan,” he said.

In recent years, ADB’s initiatives in Azerbaijan have been largely focused on the private sector, with several significant projects aimed at expanding the country’s renewable energy capacity.

Zhukov highlighted the ongoing collaboration with partners like Masdar in the renewable energy space as part of the bank's broader strategy for a low-carbon future. 

"Last year, we approved two public sector projects, both focused on the development of railway infrastructure. One project is being implemented on the north-south railway corridor, while the other aims at the digitalisation of Azerbaijan’s entire rail network," he said.

“The ADB’s commitment to Azerbaijan’s energy transition is clear,” Zhukov added. “In 2022, we approved a major renewable energy project in Alat, which has been fully commissioned. We also committed to several solar energy projects during COP29 last year. Furthermore, we are preparing large-scale wind energy projects this year.”

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard the planet. Founded in 1966, ADB is owned by 69 members—50 from the region.

By Naila Huseynova