The Asian Development Bank (ADB) has approved a new five-year Country Partnership Strategy (CPS) for Azerbaijan.

ADB’s new Country Partnership Strategy, operational from 2019–2023, will focus on three strategic priorities to support Azerbaijan: boosting private sector development, raising public sector efficiency, as well as improving infrastructure and strengthening human capital.

“The new strategy will increase support to the private sector, provide more focus on human capital development, scale up knowledge work, and enable innovative financing solutions,” said ADB Country Director for Azerbaijan Nariman Mannapbekov.

The ADB will also seek to undertake selective lending for high-technology and innovation projects.

The new strategy is fully aligned with the Government of Azerbaijan’s Strategic Road Map on National Economy Perspective, adopted in December 2016.

Since joining ADB in 1999, Azerbaijan has received about $4.2 billion in sovereign and non-sovereign loans, guarantees, and technical assistance for transport, energy, public sector management, water supply and sanitation, finance, agriculture and natural resources, and health projects and programs.

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ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.