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.
