Baku, Azerbaijan, May 2
By Anvar Mammadov - Trend:
Azerbaijan can achieve a lot in agriculture and tourism, and the Asian Development Bank (ADB) is ready to provide support in this, the ADB President Takehiko Nakao said.
He made the remarks at the opening ceremony of the 48th annual meeting of the ADB board of governors on May 2 in Baku.
He said Azerbaijan today has a great potential for agricultural development. Also, as the bank's president noted, the geographical location of Azerbaijan allows it to make great achievements in the tourism sector.
"At present, a large part of Azerbaijan's economy is focused on the oil sector, and taking into account the decline in world prices for energy resources, it is important to diversify the economy," he said.
Nakao believes that Azerbaijan has all the necessary resources to develop both of these sectors.
"Your country has great natural resources for the development of agriculture and tourism. You have a wonderful climate, ancient history and since ancient times, playing an important role in the development of the Silk Road, Azerbaijan has become a bridge between East and West," he said.
He said ADB has provided and continues to provide support to Azerbaijan in the development of its economy.
Since the start of cooperation, the ADB has allocated to Azerbaijan some $1.6 billion for 12 projects in the area of road construction, energy, irrigation, water supply and sanitation improvement.
The ADB was established in 1966, it has 67 members. Its headquarters is located in the capital of the Philippines - Manila.
Azerbaijan joined the ADB on Dec. 22, 1999, the country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the US (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent), etc.
Edited by SI
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