Azerbaijan and the Asian Development Bank will continue to develop and deepen relationships within the cooperation strategy for 2014-2018, ADB President Takehiko Nakao said in Baku Nov.4 at a press conference.

"Cooperation within the framework of this strategy will help Azerbaijan to diversify the economy and develop the private sector," said Nakao.

Issues of intensification of cooperation, as well as preparation for the annual meeting of the ADB Board of Governors in Baku May 2-5, 2015 were discussed at a meeting with Azerbaijani President Ilham Aliyev and the manager for ADB from Azerbaijan, Finance Minister Samir Sharifov, he said.

Nakao praised the level of training and expressed hope that the event (Board of Governors meeting) will be successful.

ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, Philippines. Azerbaijan became the ADB member on Dec.22, 1999. The country's share in the bank's capital is 0.5 percent.

The leading shareholders of ADB are Japan and the U.S. (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).

As of late 2013, the ADB has allocated a total of about $1.64 billion to Azerbaijan throughout the entire period of cooperation for the implementation of 20 projects.