On May 10, the Asian Development Bank (ADB) released its report on economic growth in Azerbaijan. 

The Asian Development Bank's report on Azerbaijan stated that the economic growth of Azerbaijan was restored shortly after the coronavirus pandemic (COVID-19) hit the economy hard. "Growth was supported by strong performance in manufacturing, transportation, retail trade, and information and communication technologies," the document said. "The economy continued to recover in the services sector, including the health sector. 15% of the population received booster vaccinations, and 46% were fully vaccinated, the vaccination rate remains stable," it added.

The report stated that the Asian Development Bank (ADB) is one of Azerbaijan's primary sources of official development assistance. "ADB's current operations are carried out within the framework of the 2019-2023 country partnership strategy, which aims to increase private sector development, improve public sector efficiency, improve infrastructure, and strengthen human capital. The strategy is closely aligned with the strategic roadmaps of the government of Azerbaijan on the national economy and the main sectors of the economy. The new country partnership strategy for 2024-2028 is expected to be implemented by 2024. To date, ADB has allocated 67 public sector loans, grants, and technical assistance to Azerbaijan with a total amount of 3.7 billion dollars. Total loans to Azerbaijan amount to 3.96 billion dollars. Regular and concessional ordinary capital resources finance these. ADB's ongoing sovereign portfolio in Azerbaijan includes one loan and one sovereign guarantee worth 565.2 million USD," the ADB emphasized.

"As part of its education and public sector programs, ADB provided $750,000 in technical assistance for developing the Vocational Education and Training Modernization for Economic Diversification Sector Development program. The assistance helps identify technical and vocational education and training needs. The ongoing USD 400 million Railway Sector Development Program supports the rehabilitation of the tracks and structure of the Sumgayit-Yalama railway line and facilitates reforms in the railway sector, including corporate governance, operational efficiency, and financial sustainability of the Azerbaijan Railway Company," the document stated. The bank reported that the total balances and outstanding liabilities of ADB's non-sovereign operations in Azerbaijan amounted to USD 34.7 million, 0.27% of ADB's total private sector portfolio. The report stated that the 10-year development strategy of the government of Azerbaijan, in accordance with "Azerbaijan 2030: National Priorities of Socio-Economic Development", aims to develop a sustainable and competitive economy, achieve an inclusive society, improve human capital, transition to "green development" and improve infrastructure.

The bank reported that the government is looking to reduce external debt and considering external borrowing opportunities for innovation and high technology. "ADB works closely with the government to create an environment for selective lending to such projects," the information stressed. "The government is working closely with ADB to strengthen further compliance with the bank's procurement, financial management, anti-corruption, procurement transparency, environmental, and social security requirements. Within the framework of the projects, the main focus is on improving gender equality measures, strengthening the management and institutional capacity of implementing agencies, and promoting the financial sustainability of investments," the report concluded.

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