Azerbaijan, IsDB discuss prospects for development of cooperation PHOTO

Azerbaijan’s First Deputy Minister of Economy Elnur Aliyev held a series of official meetings during his visit to Saudi Arabia.

Aliyev met with the President of the Islamic Development Bank (IsDB), Muhammad Sulaiman Al Jasser, the Deputy Minister of Treasury and Finance of Türkiye, Osman Çelik, and also participated in the "Board of Governors" meeting of the IsDB, Caliber.Az reports, citing the Azerbaijani Ministry of Economy.

During his meeting with IsDB representatives, Aliyev emphasized Azerbaijan's effective cooperation with the Bank and highly valued its support for projects implemented in Azerbaijan.

The parties focused on the partnership agreement signed with the IsDB during the COP29 conference held in Baku, concerning the construction of a major irrigation canal from the Giz Galasi water reservoir in Azerbaijan's liberated territories.

Aliyev highlighted that this irrigation canal construction is the first project in Azerbaijan's liberated territories to receive funding from international financial institutions.

According to the ministry, the framework document underlines the importance of addressing reconstruction and rehabilitation needs in member countries, as well as issues such as mitigating the effects of drought in climate-sensitive regions.

The significance of investing in large-scale infrastructure projects, such as transport corridors, energy networks, green infrastructure aligned with global sustainable development goals, and digital transformation initiatives, was also stressed.

Additionally, Aliyev discussed with the IsDB head and Turkish deputy minister other matters of mutual interest.

Notably, Azerbaijan has been a member of the Islamic Development Bank (IsDB) since 1992, during which time the IsDB has approved numerous projects to support the country's economic and social infrastructure. These projects have primarily focused on sectors such as energy, water and sanitation, urban services, and access to finance.

The IsDB's financing has facilitated the installation of an energy generation capacity of 1,060 MW, including 230 MW from renewable sources. Additionally, 287 kilometers of transmission and distribution lines have been constructed, and 400 substations installed or upgraded, enhancing national energy security and boosting exports.

More than 100 small-scale potable water distribution networks in rural communities have been constructed or rehabilitated, providing clean and safe drinking water and basic sanitation to 75,000 people across four regions of Azerbaijan.

Approximately 85,000 hectares of agricultural land have been irrigated, and modern agricultural equipment has been provided to farmers, supporting agricultural productivity and rural development. 

By Khagan Isayev