Towards this end, ADB makes long-term loans and equity investments in both public and private sectors. The Republic of Azerbaijan joined ADB in December 1999, the first country in the Caucasus to do so. Since Independence in 1991, significant progress has been made in transforming the nation. Rich natural endowments, particularly oil and natural gas, offer bright prospects for future social and economic development. Yet, serious challenges remain.
Poverty is widespread and deep.
The slow development of the non-oil sectors, particularly in agriculture and small and medium industries, has provided few opportunities for the poor. The ADB is now starting its assistance to Azerbaijan. It aims to help reduce poverty and promote socioeconomic development. This requires support for sustainable economic growth and human development. ADB's operations will start with assistance to the poor, including refugees and IDP, and with support for the non-oil sectors so that they would grow and create more and better job opportunities.