Baku and Azerbaijan stand as a strong example of large-scale transformation, sustainable development, and a forward-looking approach that avoids being anchored in the past, said Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, during the organisation’s annual meetings held in Baku.


He said the Soviet era is already behind, and today, the owners of this land are its citizens, and it is they who must build the country for the benefit of future generations, Caliber.Az reports, citing local media.


“I am convinced that Azerbaijan, embodied by Baku, which everyone present in this hall has had the opportunity to see, convincingly demonstrates that the drive for development here is truly immense,” Al Jasser noted.


He recalled that his involvement with Azerbaijan dates back to his time as an Executive Director at the International Monetary Fund (IMF), when Azerbaijan and other CIS countries were just beginning the process of joining the institution.


“On behalf of the Government of Saudi Arabia, I actively participated in facilitating the accession process of these countries, including Azerbaijan. Since then, and later in my capacity as a governor, I have visited the country during previous annual meetings that we held in this city.


Looking back, one does not need to be an economist or an experienced analyst to see how dramatically this city has been transformed,” he added.


Al Jasser described Baku and Azerbaijan as a genuine meeting point of civilisations, linking north and south as well as east and west.


“It has clearly demonstrated that development is impossible in isolation. Strong ties with neighbouring countries must be built. When I visited here in May, I toured the free economic zone and the cargo airport. This cargo airport was purposefully built to facilitate the country's export-import operations-a task that is usually addressed through access to the sea. Yet they do not stop there. They act decisively and turn their plans into reality,” he emphasised.


According to him, all of this symbolises numerous achievements, depending on the perspective from which one views them.


“And the most appropriate perspective is undoubtedly that of development. I believe that this country and this city stand on the threshold of a genuine economic rise. And one does not need to look far for proof: it is enough to walk along any street near the conference centre or hotels to see that something truly constructive is taking place here,” the IsDB Group chairman concluded.


He also announced that the Islamic Development Bank Group intends to allocate more than $430 million to Azerbaijan for a major upcoming project.


In his view, the Group has already financed projects in the country exceeding $1.3 billion, with cooperation deepening further following the liberation of Karabakh.


“I have visited Karabakh twice to personally observe the work being carried out in the region, and the development taking place there is truly impressive. The first project we financed in Karabakh was related to water supply and irrigation systems. We are currently working on a major project worth more than $430 million. The project is aimed at improving water resource management, rehabilitating outdated and damaged canals, and preventing losses caused by leakages,” he said.


Al Jasser added that the Group is also evaluating additional infrastructure initiatives in Azerbaijan, including road, highway, and railway development.


“At present, we are placing particular emphasis on transformative projects that are being evaluated by the government and are expected to be implemented in the near future,” he explained.


By Bakhtiyar Abbasov