Azerbaijan, Baku, 17 April / Trend corr. I.Khalilova / There are definite possibilities to extend cooperation between Azerbaijan and Asian Development Bank (ADB) and the Government is to use these possibilities efficiently, Heydar Babayev, Minister of Economic Development of Azerbaijan, stated during the meeting with Patric Pillon, the Executive Director of the Bank.
Pillon expressed his pleasure at the accelerated development of the economy rate, the expansion of construction work and the improvement of the business-climate in the country. Pillon reported on the bank's operations in 2007, and noted that ADB approved the allocation of $10.7bln credits. Some $1.7bln was directed to finance the projects in the private sector. The issues to extend cooperation between ADB and the Azerbaijani Investment Company (AIC) were also discussed during the meeting.
ADB has approved the strategy for 2008-2020. Pillon expressed his satisfaction in the Bank's operation in Azerbaijan and stated that he is prepared to provide any assistance to extend these relations.
Pillon invited the Azerbaijani Minister of Economic Development to participate in the bank's yearly meeting in Spain in May.
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