ADB plans to invest up to 2.5 bln USD in Azerbaijan

MANILA, Nov. 15 (Xinhua) -- Asian Development Bank (ADB) President Masato Kanda said Saturday that the ADB plans to invest up to 2.5 billion U.S. dollars to support Azerbaijan's development priorities.

"ADB remains committed to supporting Azerbaijan's transformation into a regional hub linking Central Asia and Europe," Kanda said during a meeting with Azerbaijan President Ilham Aliyev in Baku.

"We are working alongside the government and the private sector to deliver substantial investments in smart mobility infrastructure, renewable energy, digitalization, and skills development," Kanda said.

To help diversify Azerbaijan's export mix and reach new markets, the ADB is building green and efficient infrastructure, said the Manila-based bank in a press release.

Major regional projects such as the Central Asia Regional Economic Cooperation Corridor 2 and the Trans-Caspian Green Energy Corridor enhance connectivity, facilitate trade, and will enable the transfer of renewable energy resources from Central Asia to European markets, the ADB added. Enditem