Finance Minister Sahil Babayev met with a delegation led by Islamic Development Bank (IsDB) Group President Muhammad Al-Jasser, who is on a visit to Azerbaijan, Report informs, citing the ministry.
The current state of cooperation between Azerbaijan and the IsDB, the implementation status of existing projects, and future cooperation directions were discussed at the meeting.
Babayev noted that cooperation with the IsDB plays an important role in Azerbaijan's socio-economic development. It was noted that the Bank's 51st Annual Meeting, to be held in Baku on June 16–19, 2026, will serve as a significant platform for elevating cooperation to a new stage. It was reported that to date, the bank has allocated more than $1 billion for 19 state-guaranteed projects in Azerbaijan.
Touching upon the restoration and reconstruction work carried out in the liberated territories, Babayev noted that the "Reconstruction of the Karabakh Irrigation Canal" project implemented within the framework of cooperation plays an important role in the revival of the region, its socio-economic development, and ensuring food security. At the same time, it was brought to attention that the renovation of large-scale irrigation infrastructure within this project will make a significant contribution to the development of agriculture in the regions, efficient management of water resources, and increasing productivity.
In turn, Al-Jasser expressed his satisfaction with the development of cooperation with Azerbaijan and stated that the IsDB is ready to continue its support for the financing of socio-economic projects. In this context, the importance of expanding cooperation opportunities in the areas of water and land reclamation, transport infrastructure development, and railway projects was emphasized.
During the meeting, an exchange of views was also held on promoting knowledge and experience sharing within the framework of the Technical Cooperation Program, as well as expanding technical assistance and joint initiatives in the fields of agriculture, water management, and digital transformation.