President of the Republic of Azerbaijan Ilham Aliyev received Masatsugu Asakawa, the President of the Asian Development Bank.

The head of state noted that the visit of the Asian Development Bank President to the region provides an opportunity to gain deeper insights into Azerbaijan`s ongoing development processes and fosters continued strong cooperation between Azerbaijan and the Bank.

President Ilham Aliyev expressed gratitude for the Bank`s pivotal role in developing sectors critical for both the country and regional engagement. The head of state particularly appreciated the Asian Development Bank`s steadfast support in projects related to the transportation of Azerbaijani natural gas, contrasting it with financial delays caused by European financial institutions. The Azerbaijani President reiterated in this regard that, as he had mentioned before, despite Azerbaijan`s supplying natural gas to Europe, European banks had not demonstrated readiness to ensuring financing, unlike the Asian Development Bank.

The President underscored that as Azerbaijan progresses, new objectives and challenges arise in creating strong economic ties with neighboring countries around the Caspian Sea and beyond. The head of state emphasized the importance of charting new pathways to continue successful cooperation with the Asian Development Bank.

Masatsugu Asakawa expressed satisfaction at personally meeting with the head of state on the 25 th anniversary of Azerbaijan`s partnership with the Asian Development Bank, thanking him for the kind words.

ADB President Masatsugu Asakawa also recalled the meeting held in a video conference format in 2020 during the COVID-19 pandemic.

He congratulated President Ilham Aliyev on his victory in the presidential election, expressing his hope that the cooperation between the Asian Development Bank and Azerbaijan would continue successfully towards the realization of strategic priorities lying ahead of Azerbaijan in the future.

Discussions were also around the production and export of green energy.

The head of state underlined the importance of the establishing green energy zones in Azerbaijan, including the construction of hydroelectric power plants in the liberated territories. The President noted that up to 270 megawatts of hydropower potential has already been created in those territories, with discussions underway to increase it to 500 megawatts.

The meeting also addressed the cooperation regarding to the North-South railway project, as well as further expansion of relations in the field of transport between the Central Asian nations and Azerbaijan.