Saudi Fund For Development, Azerbaijan cooperate in transport sector

Executive Director of the Strategy Sector at the Saudi Fund for Development (SFD) Dr. Abdullah Al-Sakran has said that the SFD is focused on cooperation with Azerbaijan in the transport sector.

“The Saudi Fund for Development cooperates with Azerbaijan within the initiative to connect Asia and Europe. Azerbaijan is like a bridge between Asia and Europe, so we are currently focusing on the transport sector,” Al-Sakran told Trend on the sidelines of the annual meetings of the Islamic Development Bank in Riyadh.

As for the cooperation on the development of the Middle Corridor, Al-Sakran said that it depends on the country’s needs.

“According to our previous discussions with the Azerbaijani government, we are focused on road development. Our priority is to hold talks on food security, climate change, water management and digitalisation with governments,” he noted.

“We welcome any requests from the Azerbaijani government in these sectors. If the Azerbaijani government lists its priorities, we are ready for discussion,” he stressed.

Al-Sakran noted that the SFD issues loans to the countries through the cooperation to develop the countries.

“Roads are one of the elements of food security. In a broad sense, cooperation in the transport sector also covers food security, agriculture, and reducing transportation time,” he said.

The annual meetings and golden jubilee of the Islamic Development Bank Group (IDB) are being held in Riyadh (Saudi Arabia) under the royal patronage of the Custodian of the Two Holy Mosques, King of Saudi Arabia Salman bin Abdulaziz Al Saud from April 27 to 30.

The theme for the 2024 meetings is “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”. These meetings mark 50 years of the bank's activity to promote socio-economic development in member states.

The round table discussions on COP29 are planned to be held as part of the event. The representatives of the Azerbaijani government are expected to attend the discussions.

The IDB Group's annual meetings and the golden jubilee of the IDB, which is the leading multilateral development bank for South-South cooperation, are expected to attract international and regional attention.

The annual meetings will include several side events involving high-level representatives of governments, international and regional organisations, the private sector, civil society and scholars.

The ministers of economy, planning and finance from 57 IDB member states, as well as representatives of international and regional financial institutions, Islamic banks, private companies, national and international development financial institutions, international and regional organisations, non-governmental organisations (NGOs), chambers of commerce and industry and business councils will attend the events.