Azerbaijan becomes ICIEC member

A relevant resolution has been adopted on Azerbaijan's membership to the Islamic Corporation for Investment and Export Credit Insurance (ICIEC), which is a part of the Islamic Development Bank (ISDB) Group.

The resolution was adopted at the 47th Annual Meeting of the IsDB Board of Executive Directors in Sharm-el-Sheikh, Egypt, on June 1-4, Report informs, citing the Ministry of Economy.

The Azerbaijani delegation was led by Elnur Aliyev, the First Deputy Minister of Economy. The meeting discussed topical issues such as building a green and sustainable infrastructure, reviving national economies for sustainable development, and supporting human capital.

Speaking at the Board Roundtable, the First Deputy Minister of Economy briefed on the work done to develop the liberated territories, emphasizing the importance of the participation of international partners in this field, as well as the solidarity of countries to address existing and potential problems in global energy and food security.

Within the assembly, a meeting was held with Hani Salem Sonbol, head of the International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group. The parties discussed cooperation with the ITFC in the development of the liberated territories of Azerbaijan, as well as the role of the Corporation in strengthening the export potential of Azerbaijan, and agreed on the next joint steps in this regard.

Within the framework of the 47th Annual Meeting of the Board of Directors, the Azerbaijani delegation had a number of meetings and discussions.

During meeting with IsDB Vice President Mansur Mukhtar, Aliyev thanked the Bank for its support to Azerbaijan, and praised cooperation with the Bank. The sides exchanged views on cooperation in the restoration and reconstruction of the liberated territories, support for SMEs, financing of banks, energy and food security.

During the meeting with Abdulhamid Al-Khalifa, the Director General of the International Development Fund of the Organization of the Petroleum Exporting Countries (OPEC), information was provided on Azerbaijan's National Priorities for socio-economic development until 2030. They stressed the need to expand ties in the development of priority areas.

Note that Azerbaijan has been cooperating with ISDB since 1992. The country holds 0.1% share in the capital of ISDB.

Azerbaijan is also a member of the International Islamic Corporation for the Financing of Trade and the Islamic Corporation for the Development of the Private Sector, which is part of the IsDB Group.

ISDB has implemented more than 40 projects in Azerbaijan worth more than $ 1.2 billion.