“Armenia’s membership at the Asian Development Bank (ADB) will not affect on the bank’s policy in respect to Azerbaijan,” Matthew S. Westfall, the ADB Country Director in Azerbaijan, told Trend .
At present Armenia is the last country which became a shareholder in the ADB.
"Armenia is the 64th member of the ADB with 10,557 shares, or 0,301% of the ADB capital, and right of 24,266 votes, or 0.85 % of the total votes from the region and 0,553% of the total votes of the ADB. In its turn Azerbaijan possesses 15,736 shares, 0,448% of the ADB capital. Azerbaijan holds 29,445 votes, or 1,032% of the total votes from the region and 0,671% of the total votes of the ADB," Westfall noted.
According to Westfall, Armenia’s admission to the ADB was also linked with its geographical position. "Only 46 of 64 ADB members represent the Asian-Pacific region and work along with other members, situated out of the region, including the North America and Europe. Armenia is qualified as a "Regional members”, as it is a member of the Economic Social Committee of the Asian and Pacific (ESCAP) region," Westfall underlined.
Along with issue of credits and grants for Azerbaijan the ADB is an international financial institute, which a joint Declaration on the development of State Program on Poverty Reduction and Growth Facility in Azerbaijan in 2006-2015 with regard to achieve the UN’s Millennium Development Challenges. At present the ADB is the first financial institute, which undersigned the declaration and assigned $850,000 under the program.