Baku: Islamic Development Bank Group Chairman Muhammad Al Jasser announced that the cooperation with Azerbaijan has entered a new stage, as Baku hosted the Annual Meetings of the Islamic Development Bank. The city played a significant role beyond providing a scenic backdrop, contributing substantively to the discussions over the past four days, Al Jasser stated at a press conference held during the meetings, APA-Economics reports.

According to Azeri-Press News agency, since 1992, Azerbaijan and the Islamic Development Bank Group have developed a durable partnership across various sectors, including infrastructure, energy, agriculture, social services, and regional connectivity. A new chapter in this relationship was marked by the signing of an agreement for the $436 million Karabakh Irrigation Canal Restoration Project and a memorandum of understanding on a comprehensive Country Cooperation Framework. Furthermore, efforts are underway to enhance the Arab Coordination Group's role in Azerbaijan's development. Another memorandum was signed for constructing water supply and sewage systems in 33 settlements on the Absheron Peninsula.

The theme of this year's meetings, "Regional Integration for Sustainable Prosperity," was a guiding principle for the decisions made by participating governments. This theme was evident in the sessions, business meetings, and partnership discussions throughout the week. The event featured 32 high-level meetings and knowledge-sharing events, including those organized by the Private Sector Forum. It brought together over 4,400 participants from 78 countries, including 46 heads of institutions, to discuss critical issues such as trade, connectivity, energy, food security, Islamic finance, private sector development, climate action, and digital transformation. The focus was not only on ambition but also on financing the realization of these ambitions.