Baku: Numerous agreements covering infrastructure, energy, trade, social development, and humanitarian sectors were signed between member countries and international partners during a signing ceremony held in Baku as part of the annual meetings of the Islamic Development Bank (IsDB) Group, APA-Economics reports.
According to Azeri-Press News agency, IsDB President Dr. Mohammed Al Jasser, IsDB Vice President for Operations Dr. Rami Ahmad, ministers from member countries, and heads of international organizations signed documents related to various projects during the event. A notable agreement was signed with C´te d'Ivoire for the rehabilitation of the Tafir©-Ferkess©dougou road, amounting to £218.7 million. The document was signed by Dr. Mohammed Al Jasser and C´te d'Ivoire's Minister of Planning and Development, Souleymane Diarrassouba.
A financing package worth $40.01 million was approved for a vocational education and youth employment project in The Gambia. This package includes a $19 million loan, $20 million from Ordinary Capital Resources (OCR), and a $1.01 million grant. The agreement was signed by the IsDB President and Minister of Finance Seedy K.M. Keita.
In Mauritania, a $69.5 million agreement was signed for a rural electrification project. The signatories were the IsDB President and Minister of Economy Abdallah Cheikh Sidia. Additionally, a Country Engagement Framework for Somalia covering 2026-2028 was approved with a value of $45 million.
In Bahrain, two projects-the expansion of Salman Industrial City and the rehabilitation of the King Faisal Highway-will be implemented under IsDB's OCR mechanism. Palestine saw a $37 million agreement signed for a solar power plant project.
Several cooperation memorandums were signed between the IsDB and various international organizations, including the Federation of Contractors from Islamic Countries (FOCIC), Belgium's development agency Enabel, the International Organization for Migration (IOM), and the Islamic Organization for Food Security (IOFS).
A donor agreement under the 3R mechanism was signed with Islamic Relief USA, marking the launch of a humanitarian assistance project in Sudan worth $7 million, with contributions of $2.5 million from IsDB and $4.5 million from IR USA.
Within the framework of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a $50 million trade finance agreement was signed with ATFP in the UAE. Other agreements included a $25 million trade insurance framework with the National Bank of Bahrain, a £150 million risk guarantee for the Kinali-Malkara highway project in Trkiye, and $65 million in insurance support for the Uganda-Egypt SAMCO project. A memorandum of cooperation was also signed with the Bank of Huzhou of China.
The Islamic Corporation for the Development of the Private Sector (ICD) established a memorandum of cooperation with Kazakhstan's KazAgroFinance. Additionally, a letter of intent on a credit enhancement mechanism was signed with the African Solidarity Fund (FSA), and a strategic partnership was established with the UK-based Texel Group.
Within the framework of the International Islamic Trade Finance Corporation (ITFC), a $1 billion five-year framework agreement was signed with Burkina Faso, along with a $60 million trade finance agreement with Uzbekistan's Invest Finans Bank and a $40 million trade finance agreement with Orient Finans Bank.