Azerbaijan expects over $4.7 billion in agreements at IsDB annual meeting in Baku

Azerbaijan expects the signing of more than 32 agreements and memorandums of understanding worth over $4.7 billion within the framework of the 51st Annual Meeting of the Islamic Development Bank (IsDB) Group being held in Baku, AzerNEWS reports.

The announcement was made by Economy Minister Mikayil Jabbarov during the "20th IsDB Global Forum on Islamic Finance", organized as part of the IsDB Group's annual gathering in the Azerbaijani capital.

According to the minister, the event is expected to result in the conclusion of more than 32 agreements and memorandums covering a broad range of development and investment areas.

Jabbarov emphasized Azerbaijan's commitment to strengthening its long-term cooperation with the Islamic Development Bank Group, noting that the partnership has steadily expanded since the country joined the organization in 1992.

"Since the country joined the organization in 1992, cooperation has developed on the basis of mutual trust, common priorities and practical results," he said.

The minister noted that private sector development, trade financing, infrastructure projects, support for small and medium-sized enterprises, green transition initiatives, and digital transformation remain among the key priorities shared by both Azerbaijan and the IsDB Group.

Highlighting the country's economic agenda, Jabbarov stressed that diversification continues to be one of Azerbaijan's primary strategic objectives.

"There are vast opportunities in manufacturing, agriculture and food processing, logistics, renewable energy, digital technologies and other non-oil sectors with export potential," he stated.

He added that combining Azerbaijan's economic capabilities with the financial instruments and international network of the Islamic Development Bank Group creates favorable conditions for the implementation of commercially viable and development-oriented projects.

"Combining Azerbaijan's capabilities with the financial instruments and international network of the Islamic Development Bank Group creates conditions for the implementation of both commercially viable and development-oriented projects," Jabbarov said.

The 51st Annual Meeting of the Islamic Development Bank Group has brought together policymakers, financial institutions, development partners, and business representatives from member countries to discuss investment, sustainable development, and economic cooperation.