BAKU, Azerbaijan, January 30. Azerbaijan and the Islamic Development Bank (IsDB) have signed a memorandum of understanding, Azerbaijani Minister of Economy Mikayil Jabbarov wrote on X, Trend reports.
"During the video conference with Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank, we signed the Memorandum of Understanding on the Preparation of the Country Cooperation Framework for Azerbaijan between the Ministry of Economy of the Republic of Azerbaijan and the Islamic Development Bank," Jabbarov said.
He added that this document will contribute to bolstering joint activities aimed at cooperation between the parties and advancing Azerbaijan's socio-economic development goals.
The sides also exchanged views on the agenda items planned within the framework of COP29.
The IsDB group maintains strong relations with Azerbaijan and aims to contribute to its socio-economic development. The group has approved financing for projects in Azerbaijan with a total amount of $1.2 billion. The portfolio includes $956 million in financing from IsDB, $120.2 million approved by the Islamic Corporation for the Development of the Private Sector (ICDPS), $83.4 million in trade operations from the International Islamic Trade Finance Corporation (ITFC), and $19.4 million in other funds and operations of the IsDB group.
Additionally, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is part of the IsDB group, provided $92.5 million for business insurance and $75.5 million for new insurance obligations to Azerbaijan.