Japanese companies keen on reconstruction projects implemented in Garabagh and East Zangezur

The 59th Annual Meeting of the Asian Development Bank (ADB) Board of Governors has officially kicked off today in Samarkand, Uzbekistan.

Addressing the opening ceremony held under the theme “Crossroads of Progress: Advancing the Region’s Connected Future”, Uzbekistan’s President Shavkat Mirziyoyev outlined the country’s major socio-economic progress in recent years. He underlined the important contribution of international financial institutions, including the ADB, to these achievements, and expressed appreciation for their sustained support of development initiatives.

ADB President Masato Kanda hailed the cooperation with Uzbekistan, describing the bank as a key partner in achieving 2030 renewable energy goals. He also highlighted progress in improving living standards, creating jobs, and rebuilding infrastructure, stressing the importance of continued ADB support in these areas.

During the Annual Meeting’s Business Session, ADB’s 2025 activity report was discussed, and the implementation of financial and operational indicators was reviewed. The Board of Governors also approved the bank’s 2026 budget and adopted several decisions aimed at strengthening institutional governance and ensuring effective implementation of strategic priorities.

Delivering speech at the Business Session, Azerbaijan’s Finance Minister Sahil Babayev expressed gratitude to the ADB and the Government of Uzbekistan for the excellent organization of the meeting. He highlighted that in 2025 the bank committed $29.3 billion—up 20% from 2024—reflecting its expanding operations. Sahil Babayev emphasized that ADB financial sector funding reached $7.3 billion, highlighting priorities including financial stability and SME access to finance.

Highlighting large-scale reconstruction efforts in Azerbaijan’s liberated territories, he noted that progress in the Azerbaijan–Armenia normalization process would contribute to long-term peace and stability in the region.

On the second day of the Annual Meeting, Azerbaijan’s Finance Minister held bilateral talks with Japan’s Finance Minister and ADB Governor for Japan Satsuki Katayama. The meeting highlighted strong bilateral ties, Japan’s role in development cooperation, and its leadership within the ADB. The minister expressed Azerbaijan’s interest in expanding ADB-funded infrastructure and connectivity projects and stressed the importance of cooperation in knowledge and experience sharing.

The meeting also focused on the potential for diversifying cooperation beyond hydrocarbons, highlighting Japanese investment opportunities in green energy, high-tech, and industry, as well as reconstruction projects in Garabagh and East Zangezur, where Japanese companies have already shown interest.

During the meeting with Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, the parties discussed the expansion of cooperation between the Ministries of Finance of Azerbaijan and Uzbekistan. An agreement was reached to develop and sign a memorandum of cooperation in the near future.