On June 18, the opening ceremony of the 2026 Annual Meetings of the Islamic Development Bank (IsDB) Group was held in Baku.
Operative Information Center-OMM reports that President Ilham Aliyev attended the event.
Following the official photo session, the national anthem of the Republic of Azerbaijan was played, and verses from the Holy Quran were recited. A video presentation about the Islamic Development Bank was also shown.
Addressing the event, President Ilham Aliyev welcomed the participants and expressed gratitude to the IsDB Group for choosing Azerbaijan as the host country for the second time. He noted that this reflects the strong ties and high level of cooperation between Azerbaijan and the Bank.
President Aliyev highlighted Azerbaijan's economic stability, noting that the country has successfully transformed its economy, reduced dependence on the energy sector, and attracted significant foreign investment. He emphasized that Azerbaijan has become a key player in global energy infrastructure, connecting the Caspian Sea with European markets.
The President also addressed the restoration of Azerbaijan's territorial integrity and sovereignty. He noted that the country has entered a new era of peace and is currently implementing large-scale reconstruction projects in the Garabagh and East Zangazur regions, with over 17 billion USD invested in these areas.
IsDB Group President Muhammad Sulaiman Al-Jasser also delivered a speech, praising Azerbaijan's hospitality and the country's resilience. He highlighted the successful partnership between the Bank and Azerbaijan, noting that the IsDB has approved approximately 1.8 billion USD in financing for 84 projects in the country, covering infrastructure, energy, and social services.
Minister of Economy Mikayil Jabbarov, who serves as the Chairman of the Board of Governors, also addressed the meeting, emphasizing the strategic importance of the partnership with the IsDB and the role of the Bank in supporting Azerbaijan's economic development and regional integration.
The event concluded with the signing of several key documents, including the Framework (Loan) Agreement for the "Reconstruction of the Garabagh Irrigation Canal" project, the Grant Agreement for the same project, and a Memorandum of Understanding between the Ministry of Economy of the Republic of Azerbaijan and the Islamic Development Bank on the preparation of the Member Country Partnership Strategy for Azerbaijan.
