Baku: Cooperation between Azerbaijan and the Islamic Development Bank (IDB) Group has reached a new level, as announced by Muhammad Al Jasser, Chairman of the IDB Group, during a press conference at the Islamic Development Bank Annual Meetings in Baku, as reported by APA-Economics. Over the past four days, Baku has not only served as a picturesque location for the meetings but has also been instrumental in advancing the substantive discussions between attending parties.
According to Azeri-Press News Agency, the partnership between Azerbaijan and the IDB Group, established in 1992, has been robust, with collaborations spanning infrastructure, energy, agriculture, social services, and regional connectivity. This week marked a significant milestone as new agreements were solidified. Among them was the $436 million Karabakh Irrigation Canal Restoration Project agreement and a memorandum of understanding on a comprehensive Country Cooperation Framework. Additionally, efforts are underway to enhance the involvement of the Arab Coordination Group in Azerbaijan's development strategy. Another memorandum was signed to develop water supply and sewage systems across 33 settlements on the Absheron Peninsula.
Al Jasser emphasized the significance of this year's theme, 'Regional Integration for Sustainable Prosperity,' which guided all governmental decisions during the meetings. The theme was integral to the sessions, business meetings, and partnership discussions, underscoring the commitment to sustainable development. Over the week, 32 high-level meetings and knowledge-sharing events were conducted, featuring contributions from thought leaders, academics, and development experts. The event saw participation from over 4,400 individuals representing 78 countries and various regional and international organizations, including 46 heads of institutions. Key issues discussed included trade, connectivity, energy, food security, Islamic finance, private sector development, climate action, and digital transformation, with a focus on not just ambition but also financing to achieve those ambitions.