“I intend to visit Azerbaijan on Nov.3-4. The purpose of my visit is to get acquainted with the preparations for the annual meeting of the ADB Board of Governors to be held in Baku on May 2-5, 2015,” Nakao told reporters on Sept.30.
Nakao said although Azerbaijan is a relatively rich country with high GDP per capita, it still periodically needs to attract investments in the infrastructure projects, especially in the sphere of road construction, improvement of the education and health care system.
“I have very high expectations from the upcoming trip, as Azerbaijan is at the crossroads of the ancient cultures of the East and the West,” he said.
Head of the ADB’s Baku Office, Olli Norojono said that during the visit, Nakao will meet with Azerbaijan’s Finance Minister Samir Sharifov, who is the member of the ADB Board of Governors.
Additionally, the ADB president is expected to hold meetings with other Azerbaijani officials and discuss the prospects for cooperation with the country.
ADB was founded in 1966 and has 67 members. The bank`s headquarters is located in Manila, Philippines. Azerbaijan became the ADB member on Dec.22, 1999. The country`s share in the bank`s capital is 0.5 percent.
The leading shareholders of ADB are Japan and the U.S. (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
As of late 2013, the ADB has allocated a total of about $1.64 billion to Azerbaijan throughout the entire period of cooperation for the implementation of 20 projects.
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