IsDB allocates over $1 bln for implementation of 19 state-guaranteed projects in Azerbaijan
Baku, May 8, AZERTAC
Sahil Babayev, Azerbaijan’s Minister of Finance, met with a delegation led by Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group.
The meeting discussed the current state of cooperation between Azerbaijan and the IsDB, progress in implementing existing projects, and future areas of cooperation.
Minister Sahil Babayev noted that cooperation with the IsDB plays a pivotal role in the country’s socio-economic development. He underlined that the 51st IsDB Group Annual Meetings, to be held in Baku on June 16–19, 2026, will serve as an important platform for elevating cooperation to a new stage.
Sahil Babayev noted that the Bank has so far allocated more than $1 billion for the implementation of 19 state-guaranteed projects in the country.
Highlighting the restoration and reconstruction works underway in the liberated territories, Sahil Babayev emphasized that the “Reconstruction of the Garabagh Irrigation Canal” project, implemented in collaboration with the IsDB, plays a crucial role in revitalizing the region, promoting socio-economic development, and ensuring food security. The minister underscored that the modernization of large-scale irrigation infrastructure under this project would contribute significantly to regional agricultural development, effective water management, and increased productivity.
Muhammad Al Jasser hailed the development of cooperation with Azerbaijan, noting that the Bank is ready to continue supporting the financing of socio-economic projects in the country. In this context, he emphasized the importance of enhancing cooperation in water management and land reclamation, transport infrastructure development, and railway projects.
The meeting also focused on facilitating the sharing of knowledge and experience through the Technical Cooperation Program (TCP), technical assistance, and the expansion of joint initiatives in the fields of agriculture, water management, and digital transformation.
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