Longstanding ADB-Azerbaijan partnership powers economic diversification
The focus on SMEs is strategic and forward-looking. Globally, SMEs represent over 90% of businesses and are the largest source of employment.
In Azerbaijan, empowering these enterprises within the green economy not only supports climate commitments but also enhances competitiveness by encouraging resource efficiency, access to green finance, and compliance with international standards.
Azerbaijan’s resolute intention to diversify its economy away from hydrocarbons and foster sustainable growth is receiving robust support from the Asian Development Bank (ADB), reflecting a long-standing and trusted partnership between the two.
ADB has been a vital ally in Azerbaijan’s economic development, and today, its efforts align closely with the country’s strategic priorities — particularly in promoting small and medium-sized enterprises (SMEs) and advancing the green economy.
Author summary: ADB supports Azerbaijan's economic diversification.