Baku: The High-Level Roundtable of the Arab Coordination Group (ACG) was held in Baku, organized by the Ministry of Economy, as reported by APA-Economics.
According to Azeri-Press News Agency, the Minister of Economy of the Republic of Azerbaijan, Mikayil Jabbarov, expressed his satisfaction with hosting the ACG delegation. He highlighted Azerbaijan’s fruitful partnership with the Group’s institutions, noting the involvement of the Islamic Development Bank (IDB) and the OPEC Fund in financing sustainable development projects, enhancing social welfare, and strengthening economic infrastructure in Azerbaijan. The minister also discussed the business and investment environment in Azerbaijan, emphasizing the development of the non-oil sector, restoration efforts in liberated territories, and the economic potential of Karabakh and East Zangezur.
During the roundtable, the ‘Declaration of Intent between the Ministry of Economy of the Republic of Azerbaijan and the members of the Arab Coordination Group’ was signed. The signatories included Minister Jabbarov, President of the Islamic Development Bank Group Muhammad Sulaiman Al-Jasser, Director General of the OPEC Fund for International Development Abdulhamid Al-Khalifa, Director General of the Abu Dhabi Fund for Development Muhammad Saif Al-Suwaidi, CEO of the Saudi Development Fund Sultan Abdulrahman Al-Marshad, and Executive Director of the Kuwait Arab Economic Development Fund Walid Al-Bahar.
The Declaration of Intent aims to enhance cooperation in attracting preferential financing for infrastructure projects in Azerbaijan, aligning with the ‘Azerbaijan 2030: National Priorities for Socio-Economic Development’. It also seeks to foster cooperation through information and experience exchange.
Additionally, a ‘Memorandum of Understanding between the Ministry of Economy of the Republic of Azerbaijan and the Abu Dhabi Fund for Development’ was signed by Minister Jabbarov and Director General Al-Suwaidi. The agreements aim to create mechanisms for enhancing joint activities, promoting business platforms and investments, and elevating Azerbaijan’s partnership with the Arab Coordination Group.