Azerbaijan, IDB to build a green future Memorandum signed

The Azerbaijani Economy Ministry and the Islamic Development Bank have signed a Memorandum of Understanding (MoU) to prepare a Country Cooperation Framework.

The press service of the Ministry of Economy informed Caliber.Az.

A ceremony of signing of "Memorandum of Understanding on preparation of Country Cooperation Framework for Azerbaijan" between the Azerbaijani Economy Ministry and the Islamic Development Bank was held in the format of videoconference.

The document was signed by Economy Minister Mikayil Jabbarov and Islamic Development Bank (IDB) Group President Muhammad Sulaiman Al Jasser. Economy Minister Mikayil Jabbarov emphasized the IDB's support for the development of Azerbaijan's public and private sectors, and the importance Azerbaijan attaches to cooperation with the institutions of the Islamic Development Bank Group. It was noted that the framework of country cooperation is the beginning of a new era of cooperation between Azerbaijan and IDB.

The realization of the document will serve as an impetus for the development of green and sustainable infrastructure, economic diversification, and digital transformation. The works envisaged within the framework of the document will contribute to strengthening cooperation between the parties and joint activities on the goals of the socio-economic development of Azerbaijan.

President of the Islamic Development Bank Group Muhammad Sulaiman Al Jasser emphasized that the bank supports reforms and projects being implemented in Azerbaijan on the transition to the green economy. The framework of country cooperation will expand potential areas of partnership and contribute to economic growth. The document will become the main platform for future medium-term cooperation between Azerbaijan and the IDB. The parties also discussed issues related to COP29 in Azerbaijan.