Azerbaijani Finance Minister Samir Sharifov said at a meeting in Baku, Azerbaijan, earlier this month that The Asian Development Bank (ADB) has invested $1.7 billion in the country since 1999 through loans and grant agreements.

"Some $1.334 billion have been invested as of early this year under loan agreements with the bank," Sharifov said, according to AzerNews. "Following the restoration of Azerbaijan's independence, the effective integration of the country into the global economic system was chosen as a strategic goal of economic policy, and this goal certainly would not have been achieved without cooperation with international financial institutions."

Sharifov said Azerbaijan intends to continue strengthening cooperation with the ADB to achieve sustainable economic growth.

Established in 1966 and headquartered in Manila in the Philippines, the ADB has 67 member countries--its leading shareholders are Japan, the U.S, India, China, Australia, South Korea and Canada, AzerNews reports.