Islamic Development Bank approves $436 million for Azerbaijan agriculture

The Board of Executive Directors of the Islamic Development Bank has approved financing totalling $436.67 million for Azerbaijan aimed at boosting agricultural productivity.

According to local media, citing the bank, the allocated funds will be used to significantly reduce losses of irrigation water and support the sustainable development of rural areas in line with Azerbaijan’s national development priorities through 2030.

The initiative is also intended to promote green growth, enhance resilience to climate change, and strengthen long-term food security.

Azerbaijan has been a member of the Islamic Development Bank since 1992 and currently holds a 0.13% share in the institution’s capital.

As of the end of 2024, the total volume of financing approved for Azerbaijan by the IsDB Group reached $1.298 billion across 81 projects. The largest portion — $1.106 billion — was allocated to project financing covering 35 initiatives. In addition, $185.8 million supported 20 trade-finance operations, $4.4 million was directed toward 23 technical assistance projects, and $1.6 million funded three special assistance initiatives.

The IsDB Group is also scheduled to hold the 51st Annual Meeting of its Board of Governors, along with a number of related events, in Baku from June 16 to 19, 2026.

By Tamilla Hasanova