Azerbaijan and Islamic Development Bank discuss strategic partnership for next decade

Azerbaijan and the Islamic Development Bank (IsDB) have initiated discussions on forming a strategic framework document for the next decade, covering the period 2026-2035.

The Ministry of Economy of Azerbaijan reported that First Deputy Minister of Economy Elnur Aliyev held a series of meetings during his visit to Saudi Arabia, including discussions with IsDB Group President Mohammed Suleiman Al-Jasir and Turkish Deputy Minister of Treasury and Finance Osman Çelik.

At the IsDB "Directors' Meeting" in Saudi Arabia, participants deliberated on shaping the Bank's strategic framework for the coming decade, exchanging views on institutional priorities and addressing development needs in member countries.

Deputy Minister Aliyev underlined Azerbaijan’s effective cooperation with the IsDB and expressed appreciation for the Bank's support in various projects. He particularly highlighted the partnership document signed with the IsDB during COP29 in Baku for the "Construction of a Main Irrigation Canal from the Maiden Tower Reservoir" in the liberated territories of Azerbaijan. This project marks the first initiative financed by an international financial institution in Azerbaijan's liberated territories.

The framework discussions emphasized addressing reconstruction and rehabilitation needs in member countries, drought relief in climate-sensitive regions, and investing in large-scale infrastructure projects such as transport corridors, energy networks, and green infrastructure. The significance of digital transformation initiatives aligned with global sustainability goals was also noted.

The event reaffirmed the IsDB’s commitment to fostering innovative and inclusive activities, strengthening its position as a trusted partner, and ensuring its strategies align with member countries' development priorities. It also underscored the importance of promoting international projects among member states with IsDB’s support.

This strategic dialogue highlights Azerbaijan’s expanding collaboration with global financial institutions to advance sustainable development and economic growth.