Azerbaijan has emerged as one of the most effective users of Asian Development Bank (ADB) financing among upper-middle-income countries, according to a new ADB report highlighting the country's strong focus on regional integration, private sector growth, climate action, and digital transformation.

Between 2015 and 2024, Azerbaijan received $2.529 billion in sovereign financing from ADB across 10 projects. More than half of that funding-51%-was allocated to regional cooperation and integration initiatives, one of the highest shares among countries in the upper-middle-income category, The Caspian Post reports via ADB.

The report also shows that 39% of financing supported private sector development, while 18% was directed toward climate-related projects and 10% toward digital transformation initiatives.

ADB noted that its private sector operations in Azerbaijan were even more closely aligned with long-term economic development goals. During the same period, the bank approved nine non-sovereign projects worth a combined $963.9 million, with all funding dedicated to private sector investments.

Notably, 78% of these non-sovereign commitments were linked to regional cooperation and integration projects-the highest proportion among comparable upper-middle-income economies, according to ADB.