BAKU, Azerbaijan, June 18. Azerbaijan and the Islamic Development Bank Group are working on a partnership strategy, said Azerbaijan’s economic minister Mikayil Jabbarov.
“Our partnership has reached new heights. Azerbaijan's share in the bank has grown tenfold from 0.1 to 1 percent. Our portfolio has expanded considerably. Together, we are working on further projects in water supply and treatment, railways, and agriculture, including in the liberated territories and the Alat Free Economic Zone. Indeed, our cooperation has reached a strategic level. We are currently working on a partnership strategy, and I will be pleased to now sign a memorandum of understanding on the multi-year partnership strategy program,” he said, addressing the opening ceremony of the IsDB Group Annual Meetings in Baku.
The minister pointed out that Azerbaijan is open to gladly share its own success stories, from economic transformation to human capital development.
“Azerbaijan is committed to strengthening South-South bilateral economic partnership models, an area relevant for majority of our member states. I also thank the Bank's team for its leadership in connecting Azerbaijan with Arab Coordination Group. Through the dedication of its partners, we are advancing a multi-billion dollar pipeline of projects in water, railways, and roads. Our national strategy rests on the following key drivers: private sector development, human capital, and technological transformation,” added Jabbarov.
He went on to add that the progress that guests see will see this week is not a result of a single reform, a single program, or a single investment cycle, it is the outcome of a long-term national vision pursued consistently over many years and supported by institutions expected not only to formulate policy, but to deliver results.
“We encourage the IsDB group to study how member countries can further deepen regional cooperation through common frameworks that strengthen connectivity, facilitate trade, and ease the movement of people. We hope this will be one of the most enjoyable and remarkable annual meetings ever,” said the minister.
