Azerbaijan urges Asian Development Bank to boost agility, innovation

Azerbaijan has called on the Asian Development Bank (ADB) to enhance its agility, flexibility, and innovation, Finance Minister Sahil Babayev has stated.

Speaking at a business session of governors during the 59th Annual Meeting of the ADB Board of Governors, he pointed out the need for the bank to adapt to increasingly complex development challenges, Caliber.Az reports, citing local media.

Babayev made it clear that strengthening support for programme-based operations, expanding technical assistance, and ensuring competitive financing conditions will be key factors in maintaining the bank’s strong operational capacity.

According to him, the ADB’s comparative advantage lies not only in its financial resources but also in its knowledge, expertise, and ability to build partnerships.

“We urge the bank to continue leveraging these strengths to address increasingly complex and interconnected development challenges,” he noted.

Babayev highlighted that in 2025, the ADB allocated $29.3 billion through a wide range of financial instruments to support various projects.

The minister emphasised that this represents a 20% increase compared to 2024, indicating a significant expansion of the ADB’s operational activity.

“The bank’s investments in the financial sector rose substantially, reaching $7.3 billion,” he added, noting that “these reforms are aimed at strengthening financial systems, deepening capital markets, and expanding financial inclusion, particularly for micro, small, and medium-sized enterprises.”

The minister also said last year the ADB directed $2.1 billion to support urban infrastructure projects in partner countries, with a focus on improving key elements of sustainable and inclusive urban development.

“The bank’s consistent focus on quality infrastructure, digital transformation, and regional connectivity is of particular importance. Its efforts to strengthen food security, energy resilience, and fiscal stability in developing member countries are timely and highly commendable,” Babayev explained.

By Bakhtiyar Abbasov