ADB-Azerbaijan Partnership

Ganja bypass road project in Azerbaijan. The Asian Development Bank’s main interventions in Azerbaijan’s transport sector will include developing the east-west and north-south corridors to boost connectivity to neighboring countries. Photo by: ADB / CC BY-NC-ND

Recent progress in Azerbaijan has been impressive. By exploiting its abundant hydrocarbon resources, the country managed to raise gross national income from $660 in 2001 to $7,350 in 2013. Over the same period, poverty incidence dropped from 49 percent to just 5 percent.

Although investments in its oil sector have paid dividends, allowing Azerbaijan to reach upper-middle income status, the government recognizes the need to move away from oil dependency and diversify its economy. In this light, the government has set its focus on creating a viable trade environment to encourage local enterprises and foreign investors to do business in the country.

The government is guided by its strategy document, “Azerbaijan 2020: Look into the Future.” Its main thrust is to transform the country’s market-based economy into one that is knowledge-based by developing human capital. Accordingly, the Asian Development Bank has aligned its 2014-2018 country partnership strategy with the government’s objectives.

This article is for Devex Members

For full access to the content of the article sign in or join Devex.

About the author

  • Aimee ocampo 400x400

    Aimee Rae Ocampo

    In her role as editor for business insight, Aimee creates and manages multimedia content and cutting-edge analysis for executives in international development. As the manager of Development Insider, Devex's flagship publication for executive members, she is constantly on the lookout for the latest news, trends and policies that influence the business of development.