09:10 - 23.05.2025

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May 23, Fineko/abc.az. Economy Minister of Azerbaijan Mikayil Jabbarov has been appointed as the Chairman of the Board of Governors of the Islamic Development Bank (IsDB) Group, ABC.AZ  informs, citing the Azerbaijani Ministry of Economy.

In this regard, during the annual meeting of the IDB in Algeria, an official ceremony was held to transfer to Azerbaijan the right to host the Board of Governors meeting in 2026.

Mikayil Jabbarov thanked the IsDB Group and member states for the high trust shown to Azerbaijan. He noted that Azerbaijan successfully hosted the 35th Annual Meeting of the Bank in 2010: "Hosting this prestigious event once again confirms Azerbaijan's commitment to multilateral cooperation and the common values and goals that unite member countries. The event will strengthen Azerbaijan's partnership with Islamic financial institutions and boost sustainable economic development."

The minister emphasized that Azerbaijan has effective cooperation with the bank, and so far, projects worth approximately $1 billion have been implemented jointly in energy, water supply, infrastructure, urban development, and other areas. In particular, the importance of the project for the construction of an irrigation canal from the Qiz Qalasi water reservoir in the liberated territories, planned to be implemented jointly with the bank, was noted.

Within the framework of next year's Annual Meeting in Azerbaijan, the 51st meeting of the IsDB Board of Governors, the 22nd General Assembly of the International Islamic Trade and Finance Corporation, the 33rd Board of Directors of the Islamic Corporation for Insurance of Investment and Export Credits, the 26th Board of Directors of the Islamic Corporation for Private Sector Development, and the 19th General Assembly of the Islamic Solidarity Fund for Development will be held.

During the event, a Memorandum of Understanding on guarantees for the Annual Meeting of the IsDB Group to be held in Azerbaijan was signed. The document defines the framework of cooperation for the effective planning and organization of the Annual Meeting in Baku in 2026.

The IsDB, established in 1973, has its headquarters in Jeddah, Saudi Arabia. The IsDB Group, which provides financing for various sectors of the economy, has structures such as the International Islamic Trade and Finance Corporation, the Islamic Corporation for Insurance of Investment and Export Credits, the Islamic Corporation for Private Sector Development, and the Islamic Solidarity Fund for Development. Fifty-seven countries are members of the bank. Azerbaijan has been a member since 1992.