The Islamic Development Bank (IsDB) has announced a fresh financial collaboration with Azerbaijan, aimed at bolstering the nation’s social and economic landscape. An agreement was solidified between IsDB and Azerbaijan’s Ministry of Economy, laying the groundwork for a Country Engagement Framework that promises to fortify the bank’s influence in the country’s developmental journey.
A virtual ceremony witnessed the signing of the memorandum of understanding between IsDB President Muhammad Al-Jasser and Azerbaijan’s Economic Minister, Mikayil Jabbarov. This new framework is set to unfold over a span of three years, marking a significant milestone in their bilateral relations.
The MoU commits both entities to a partnership of full cooperation, which entails sharing knowledge, consulting on various initiatives, and the pursuit of specific activities, projects, and programs designed to broaden their collaborative spectrum.
Aligned with Azerbaijan’s socio-economic objectives and IsDB’s goals, the strategy aims for sustainable growth targeting projects that have significant potential to catalyze national progress.
The Country Engagement Framework rests on three foundational pillars. Firstly, it seeks to foster green, resilient, and sustainable infrastructure development. This includes backing for reconstruction in Karabakh, the promotion of renewable energy, enhancement of regional connectivity, and the sustainable production of hydrocarbon resources.
The second pillar focuses on sustaining growth through a productive, competitive, and diversified economy. This will involve nurturing the private sector, boosting exports, and fostering innovation in agriculture and the halal ecosystem.
The final pillar addresses broader themes like digital transformation, Islamic finance, regional cooperation, and capacity building, which are essential for comprehensive development.
In a statement during the signing, IsDB’s president expressed his appreciation for Azerbaijan’s consistent partnership. He highlighted that the Country Engagement Framework represents an innovative strategy to amplify IsDB’s impact within its member states.
Al-Jasser also lauded Azerbaijan for its robust economic performance and its upcoming role as host for the 2024 UN Climate Change Conference meetings. He assured the bank’s support for the country in these significant ventures and the implementation of the Country Engagement Framework across the forthcoming three years.