BAKU, Azerbaijan, May 7. On May 7, the Minister of Finance of the Republic of Azerbaijan Sahil Babayev met with a delegation led by the President of the Islamic Development Bank Group (IsDB) Muhammad Sulaiman Al Jasser, Trend reports, citing the Ministry of Finance.
The meeting discussed the current state of cooperation between Azerbaijan and the IsDB, the progress of existing projects, and future areas of cooperation.
Minister Sahil Babayev noted that cooperation with the IsDB plays a vital role in the country's socioeconomic development. He emphasized that the Bank's 51st Annual Meeting, to be held in Baku from June 16 to 19, 2026, will serve as a key platform for taking cooperation to a new level. It was noted that to date the Bank has allocated more than $1 billion to 19 projects in the country.
Touching upon the restoration and reconstruction work carried out in the liberated territories, the Minister noted that the "Reconstruction of the Karabakh Irrigation Canal" project, implemented in cooperation with the Bank, plays an important role in the region's revival, socio-economic development, and food security. At the same time, it was emphasized that the large-scale reconstruction of irrigation infrastructure within the framework of this project will make a significant contribution to the development of agriculture in the regions, effective water resource management, and increased productivity.
In turn, Mohammed Al-Jassir expressed satisfaction with the development of cooperation with Azerbaijan and stated that the Bank is ready to continue to provide support in financing socio-economic projects in the country. In this context, he stressed the importance of expanding cooperation opportunities in the areas of land reclamation, transport infrastructure development and railway projects.
The meeting also included an exchange of views on promoting the exchange of knowledge and experience within the Technical Cooperation Programme, expanding technical assistance and joint initiatives in the areas of agriculture, water resources management and digital transformation.
