ASIATODAY.ID, BAKU — At a time when geopolitical tensions, trade fragmentation, and economic uncertainty are reshaping the global landscape, the Islamic Development Bank (IsDB) Group has brought together 78 countries under a new wave of development partnerships worth $6 billion.
The agreements, announced at the closing of the 2026 IsDB Group Annual Meetings in Baku, comprise 67 deals spanning infrastructure, energy, food security, regional connectivity, private-sector development, climate action, and digital transformation.
More than 4,400 participants from 78 countries, including senior government officials, development institutions, investors, and business leaders, attended the four-day gathering, making it one of the largest development forums in the Muslim world this year.
IsDB President Muhammad Al Jasser said the meeting’s theme, “Regional Integration for Sustainable Prosperity,” reflected the growing need for developing economies to strengthen cooperation amid rising global uncertainty.
“Regional integration is no longer an aspiration. It is an economic necessity,” Al Jasser said at the closing press conference, quoted on June 24, 2026.
“The partnerships forged in Baku demonstrate our collective commitment to turning shared ambitions into tangible development outcomes.”
Beyond the $6 billion in agreements, the bank approved an additional $2.8 billion in financing for nine transformative projects aimed at enhancing energy security, transport connectivity, food systems, climate resilience, and progress toward the United Nations Sustainable Development Goals.
Among the largest initiatives unveiled was the $436 million Garabagh Irrigation Canal Reconstruction Project in Azerbaijan, designed to strengthen water security and boost agricultural productivity in the South Caucasus nation.
The IsDB and the Azerbaijani government also signed a Memorandum of Understanding on a comprehensive Country Engagement Framework, deepening cooperation in infrastructure, public services, and long-term economic development.
Another agreement involving the Arab Coordination Group will support the construction of water supply and sewage systems across 33 settlements on the Absheron Peninsula, further expanding investment in essential public infrastructure.
Over the course of the annual meetings, IsDB hosted 32 high-level sessions and knowledge-sharing events covering trade, Islamic finance, energy, food security, climate finance, and emerging technologies.
The Baku gathering also marked a significant milestone in the implementation of the IsDB Strategic Framework 2026–2035, which aims to accelerate sustainable development across the bank’s 57 member countries.
“Last year, our shareholders defined the direction. This year, we have shifted decisively toward execution and impact,” Al Jasser said.
Established in 1974, the IsDB Group is one of the world’s leading multilateral development institutions, providing financing, trade support, investment insurance, private-sector development, and Islamic finance solutions across Asia, Africa, the Middle East, and beyond.
As nations grapple with conflict, protectionism, and slowing global growth, the outcomes of the 2026 IsDB Annual Meetings delivered a clear message: deeper economic integration and cross-border cooperation remain essential pillars for sustainable growth and shared prosperity. (AT Network)
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