BAKU, Azerbaijan, May 22. The Annual Meeting of the IDB Group will be held in Azerbaijan in 2026. The chairmanship of the IDB Group's Board of Governors has been transferred to Economy Minister Mikayil Jabbarov, Trend reports.
According to information, in this regard, an official ceremony of transferring the host status was held within the framework of the IDB Annual Meeting in Algiers.
In his speech, Minister of Economy, Managing Director of Azerbaijan in the Islamic Development Bank Mikayil Jabbarov expressed gratitude to the IDB Group and member countries for the high trust shown to our country. It was noted that Azerbaijan had already successfully hosted the 35th IDB Annual Meeting in 2010. Holding such a prestigious event once again confirms Azerbaijan's commitment to multilateral cooperation, common values and goals of the member countries. The meeting will serve to strengthen Azerbaijan's partnership with Islamic financial institutions and give impetus to sustainable economic development.
Moreover, it was emphasized that Azerbaijan effectively cooperates with the IDB, and to date joint projects have been implemented in the fields of energy, water supply, infrastructure, urban development and other areas for a total amount of about 1 billion dollars. The importance of the project on construction of irrigation canal from “Giz Galasi” reservoir, which is planned to be implemented jointly with the Bank in the territories liberated from occupation, was emphasized.
As part of the Annual Meeting, the 51st Annual Meeting of the IDB Board of Governors, the 22nd General Assembly of the International Islamic Trade and Finance Corporation (ITFC), the 33rd Annual Meeting of the Board of Governors of the Islamic Corporation for Investment and Export Credit Insurance (ICIEC), the 26th Annual Meeting of the Board of Governors of the Islamic Corporation for Private Sector Development (ICD), and the 19th Annual General Assembly of the Islamic Solidarity Fund for Development (ISFD) will be held in Azerbaijan next year.
The Memorandum of Understanding was signed at the event, containing the modalities for the Annual Meeting of the IDB Group to be held in Azerbaijan. The document defines the framework of cooperation for effective planning and organization of the Annual Meeting of the IDB Group in Baku in 2026.
The Islamic Development Bank was founded in 1973 and is headquartered in Jeddah (Kingdom of Saudi Arabia). The IDB Group, which provides financing in various areas of the economy, includes the Bank itself, the International Islamic Trade and Finance Corporation (ITFC), the Islamic Corporation for Investment and Export Credit Insurance (ICIEC), the Islamic Corporation for Private Sector Development (ICD) and the Islamic Solidarity Fund for Development (ISFD). As many as 57 countries are members of the Bank. Azerbaijan has been a member of the Bank since 1992.
