Samarkand: The 59th Annual Meeting of the Asian Development Bank (ADB) Board of Governors commenced today in Samarkand, Uzbekistan. The event, themed ‘Crossroads of Progress: Advancing the Region’s Connected Future’, was inaugurated with a speech by Uzbekistan’s President Shavkat Mirziyoyev, who discussed the nation’s socio-economic advancements supported by international financial institutions like ADB.
According to Azerbaijan State News Agency, ADB President Masato Kanda emphasized the bank’s role as a crucial partner in achieving renewable energy goals by 2030. Kanda highlighted the progress in living standards, job creation, and infrastructure rebuilding, underscoring the necessity of ongoing ADB support.
Within the meeting’s Business Session, discussions revolved around ADB’s 2025 activity report and the review of financial and operational indicators. The Board approved the 2026 budget and made decisions to enhance institutional governance and strategic priority implementation.
Azerbaijan’s Finance Minister Sahil Babayev, in his speech at the Business Session, acknowledged the ADB and Uzbekistan government’s organizational efforts. He highlighted ADB’s commitment of $29.3 billion for 2025, a 20% increase from 2024, reflecting the expanding operations. Babayev pointed out the $7.3 billion funding directed toward financial stability and SME access to finance.
Babayev also discussed Azerbaijan’s reconstruction efforts in liberated territories and how normalization with Armenia could foster lasting peace and stability. In a bilateral meeting with Japan’s Finance Minister Satsuki Katayama, Babayev stressed Japan’s leadership within ADB and the importance of expanding infrastructure projects funded by ADB.
The meeting also explored Japanese investments in green energy, high-tech, and industry, particularly in reconstruction projects in Garabagh and East Zangezur, which have attracted interest from Japanese companies.
In discussions with Uzbekistan’s Deputy Prime Minister Jamshid Kuchkarov, both parties agreed to enhance cooperation between their finance ministries, planning to formalize this through a memorandum of cooperation soon.