BAKU, Azerbaijan, February 25. First Deputy Minister of Economy of Azerbaijan, Elnur Aliyev, during his visit to Saudi Arabia's Jeddah, met with President of the Islamic Development Bank (IsDB) Group Muhammad Sulaiman Al Jasser to discuss the expansion of bilateral cooperation, Trend reports, citing the Ministry of Economy.
During the meeting, it was emphasized that the collaboration between Azerbaijan and the IsDB Group has been progressing effectively. Notably, with the support of the IsDB, Azerbaijan’s engagement with the Arab Coordination Group has deepened, particularly in the context of priority infrastructure projects.
The discussions also highlighted the significance of Azerbaijan hosting the IsDB Group’s Annual Meeting this year, following a 16-year hiatus. This prestigious event is expected to provide a substantial boost to Azerbaijan’s partnerships with international financial institutions.
The importance of the partnership agreement signed with the IsDB for the "Construction of the Main Irrigation Canal from the Maiden Tower Reservoir" in the recently liberated territories was underscored, with particular emphasis on its role in fostering sustainable regional development and unlocking the agrarian potential of the area.
The parties also deliberated on potential projects and investment opportunities across key sectors, including energy, infrastructure, transport, agriculture, water resource management, and more.
Elnur Aliyev further met with IsDB Vice President Rami Ahmad, where the pivotal role of joint projects with the IsDB and other entities within the Arab Coordination Group in advancing Azerbaijan’s economic and infrastructure development was reiterated. The sides acknowledged the substantial potential for expanding their cooperation, particularly in light of the forthcoming IsDB Group Annual Meetings to be held in Baku.
As part of his visit, Elnur Aliyev also attended an exhibition organized by the IsDB Group in Jeddah, where various projects funded by the Group's institutions were showcased, alongside partnership opportunities. Information on climate financing, support for small and medium-sized enterprises, and efforts to strengthen trade and investment ties among member countries was also presented.
As part of his visit, Elnur Aliyev also attended the official premiere of a documentary marking the fiftieth anniversary of the IsDB. The film chronicles the Bank’s history, highlights its core operational principles, and showcases its pivotal role in the socio-economic development of member states through the successful implementation of various projects.