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RIYADH: Saudi Arabia’s Islamic Development Bank is set to provide a financing framework for Azerbaijan through a new agreement. 

The IsDB and the country’s Ministry of Economy signed a memorandum of understanding to establish a cooperative funding structure to potentially strengthen the bank’s support for Azerbaijan’s social and economic development, according to a release by the financial institution.

During the virtual signing ceremony, IsDB President and Chairman Muhammad Al-Jasser and Azerbaijan’s Minister of Economy, Mikayil Jabbarov, inked the agreement outlining the new Country Engagement Framework, which will span over the next three years.

The MoU stipulates that the two parties will take the appropriate measures to ensure full bilateral cooperation, which includes exchanging information and consultation, identifying and implementing specific activities, projects, or programs, and expanding areas of cooperation.

The strategy is designed to align with Azerbaijan’s socio-economic development priorities and the objectives of the IsDB, promoting sustainable and impactful expansion in the region while targeting high-impact projects and programs for national growth.

The IsDB Country Engagement Framework will be based on three main pillars, the release noted.

The first section entails green, resilient, and sustainable infrastructure development, including support for Karabakh reconstruction, renewable energy, regional connectivity, and sustainable production of hydrocarbon resources.

The second is sustaining productivity-based growth in a competitive and diversified economy, which encompasses private sector development, exports, and innovation in agriculture and the halal ecosystem.

The third pillar includes cross-cutting areas such as digital transformation, Islamic finance, regional cooperation, and capacity development.

At the signing ceremony, the IsDB president expressed gratitude to the government of Azerbaijan for its continued partnership and cooperation, adding that the Country Engagement Framework is seen as an innovative approach to enhance IsDB’s impact and participation in its member countries. 

Al-Jasser congratulated Azerbaijan for its impressive economic performance and selection to host the 2024 UN Climate Change Conference meetings this year and expressed the bank’s support to the country in these endeavors and in implementing the Country Engagement Framework over the next three years.