IsDB Group signs multi-billion dollar deals at Baku annual meetings PHOTO

A wide range of agreements spanning infrastructure, energy, education, trade finance, and humanitarian aid have been signed on the sidelines of the 51st Islamic Development Bank (IsDB) Group Annual Meetings in Baku.

The deals were concluded on behalf of the group’s institutions, including the Islamic Development Bank (IsDB), the Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), Caliber.Az reports per local media.

Major infrastructure push in Africa, Middle East

Among the largest projects is the modernisation of the Tafire–Ferkessédougou road in Côte d’Ivoire, a 58-kilometre corridor to be upgraded into a four-lane motorway under a €218.7 million investment. The project is expected to reduce travel times, lower transport costs, and strengthen the country’s role as a regional logistics hub.

In The Gambia, a $40 million-plus financing package will support vocational training and youth employment programmes aimed at improving skills development and institutional capacity in technical education.

Mauritania will receive funding for rural electrification projects targeting remote communities, with total financing of around $69.5 million to expand access to electricity.

A broader $45 million cooperation framework was also launched with Somalia for 2026–2028, focusing on infrastructure development, food security, and human capital investment.

In Bahrain, agreements were signed to expand Salman Industrial City in line with the country’s Vision 2030 strategy, alongside a project to modernise the King Faisal Highway using advanced transport systems.

The State of Palestine will see the construction of a $37 million solar power plant with 20 megawatts of capacity, expected to generate around 35 gigawatt-hours annually.

Trade, finance, private sector development

Several agreements were also signed to expand trade finance and private sector participation. ICIEC concluded a $50 million trade insurance policy with the Arab Trade Financing Programme (ATFP), while additional agreements with the National Bank of Bahrain aim to expand documentary credit insurance and trade financing tools.

Infrastructure insurance support was also extended to a motorway project in Türkiye’s Kınalı–Tekirdağ–Çanakkale corridor, with ICIEC providing €150 million in sovereign risk coverage. A separate $65 million insurance package will support a construction project in Uganda implemented by Egypt’s SAMCO.

ICD signed multiple agreements to strengthen private sector financing, including partnerships with Kazakhstan’s KazAgroFinance, Africa’s Solidarity Fund, and the UK-based Texel Group.

Expanding global trade corridors

ITFC concluded a landmark five-year $1 billion framework agreement with Burkina Faso under its national development plan. It also signed trade finance facilities worth $60 million and $40 million with Uzbek banks to support SMEs, export operations, women-led businesses, and green finance initiatives.

Humanitarian, development cooperation

Beyond infrastructure and trade, the IsDB and its partners also expanded humanitarian commitments. A memorandum with Islamic Relief USA under the “3R Facility” will support countries affected by conflict and disasters.

Separately, a joint humanitarian aid package for Sudan was announced, totaling $7 million in contributions from IsDB and Islamic Relief USA, expected to benefit nearly 375,000 people.

Additional memoranda were signed with Enabel (Belgium), the International Organization for Migration (IOM), and the Islamic Organisation for Food Security to enhance cooperation on development programmes, migration support, and sustainable agriculture.

Expanding global partnerships

Further agreements include cooperation with China’s Huzhou Bank, aimed at expanding trade and investment financing, underscoring the IsDB Group’s growing global network of financial partnerships.

By Sabina Mammadli