BAKU, Azerbaijan, June 17. Azerbaijan has
already commenced the implementation of concrete infrastructure
projects with the support of the Arab Coordination Group (ACG), and
cooperation with international financial institutions contributes
to attracting new investments, Mikayil Jabbarov, Minister of
Economy of Azerbaijan, stated during a dialogue within the
framework of the annual meetings of the Islamic Development Bank
(IsDB) Group in Baku, Trend's correspondent reports from the event.
According to the minister, the resumption of active cooperation
between Azerbaijan and the Arab Coordination Group became possible
thanks to the joint efforts of the IsDB leadership and other
members of the association.
"The renewal of Azerbaijan's relations with the Arab
Coordination Group would have been impossible without the
leadership of IsDB President Dr. Muhammad Al Jasser, his team, as
well as all other members of the group," Jabbarov said.
He noted that the results of the cooperation emerged faster than
expected.
"These days, entirely concrete documents are already being
signed and implemented. By this, I mean projects that receive
funding in areas such as the construction of waste processing
facilities, the development of road infrastructure, and other
directions," the minister emphasized.
According to him, Azerbaijan's experience demonstrates the high
efficiency of the Arab Coordination Group's operations.
"This shows that the Arab Coordination Group is indeed capable
of working very efficiently and promptly in terms of project
implementation timeframes. On its part, the government is also
trying to keep pace with this momentum," he stated.
Jabbarov emphasized that the Islamic Development Bank plays a
significantly broader role than just a financial institution.
"The role of the IsDB has been truly defining. Not only as an
individual institution, but also as a common platform bringing
together the members of this community. We are talking about a
single ecosystem where the exact same institutions and
decision-makers interact," the minister said.
According to him, it is precisely this format of cooperation
that creates additional advantages for the member countries.
"Such interaction generates many positive spillover effects that
extend far beyond specific projects," Jabbarov noted.
The minister also emphasized the significance of the
participation of multilateral development banks in implementing
bilateral initiatives.
"The presence of a multilateral development bank in any
bilateral project becomes an additional guarantee of quality,
reliability, and accountability. I believe that its unique value
lies precisely in this," he stated.
According to Jabbarov, it was precisely such practical
mechanisms of cooperation that formed the basis for creating these
types of international institutions.
"Most likely, it was exactly these new formats of interaction
that the founders of our institutions had in mind, as they are born
out of practical activity and yield real results," the minister
concluded.
