Azerbaijan, Islamic Development Bank advance major investment plans

Azerbaijan’s Minister of Economy Mikayil Jabbarov and President of the Islamic Development Bank (IsDB) Group Muhammad Al Jasser discussed strategic partnership issues during a meeting in Baku.

The meeting focused in particular on preparations for the upcoming annual meetings of the IsDB Group, scheduled to be held in Baku on June 16–19, 2026, as well as the bank’s portfolio of active projects in Azerbaijan, Caliber.Az reports, citing the IsDB.

In particular, the implementation of one of the bank’s largest projects in Azerbaijan was discussed — the reconstruction of the Karabakh Irrigation Canal, valued at $436.37 million.

The sides also reached an agreement on the Member Country Partnership Strategy for 2027–2031, a forward-looking roadmap aimed at expanding cooperation in green infrastructure, economic diversification, and Islamic finance.

The 51st Annual Meetings of the IsDB Group will be held in the historic city of Baku from June 16 to 19, 2026, serving as a major global platform for development dialogue.

The event is expected to bring together more than 2,000 participants, including ministers of finance, economy and planning, central bank governors, senior representatives of international financial institutions, private sector leaders, and officials from international organisations.

By Jeyhun Aghazada