ADB, Azerbaijan mull coop

Vice-President of Asian Development Bank in Private Sector and Co-financing Operations Lakshmi Venkatachalam meet with Shahin Mustafayev, the Minister of Economic Development of Azerbaijan.

The meeting discussed improvement in private sector, as well as ADB’s contribution in the country in supporting private businesses and state-owned enterprises. Ms. Venkatachalam also visited the ADB-co financed Garadagh Cement Plant project near Baku, the largest in the country, and reviewed progress in implementation of the project.

The ADB was established in 1966 and has 67 members. The headquarters of the bank is located in Manila. Azerbaijan has been a member of the Asian Bank of Dec. 22, 1999 and the percentage of participation in the capital of the bank is 0.5 percent.

Leading shareholders of the ADB are Japan and the United States (31.2 per cent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent), etc.


/AzerTAc/