2024-04-28 09:10:30
From April 27 to 30, the annual meetings and golden jubilee of the Islamic Development Bank Group (IDB) are being held in Riyadh (Saudi Arabia) under the royal patronage of the Custodian of the Two Holy Mosques, King of Saudi Arabia Salman bin Abdulaziz Al Saud, Trend reports from the venue on Saturday events, Day.Az reports.
The theme for the 2024 meetings is “Treasuring the Past, Charting the Future: Originality, Solidarity and Prosperity.” These meetings mark 50 years of the Bank’s activities to promote socio-economic development in member countries.
As part of the event, it is planned to hold a round table on the topic of COP29 with the participation of representatives of the Azerbaijani government.
The Group’s annual meetings and the golden jubilee of the IDB, which is the leading multilateral development bank for South-South cooperation, are expected to attract international and regional attention. The annual meetings will include a series of side events involving high-level representatives from government, international and regional organizations, the private sector, academia and civil society.
The events will be attended by ministers of economy, planning and finance from 57 IDB member countries, as well as representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development financial institutions, international and regional organizations, NGOs, chambers of commerce and industry and business advice.
The meetings will provide an opportunity to explore ways to consolidate economic relations among IDB member countries and maximize cooperation with participating financial institutions.
During the IDB’s annual meetings, the Bank’s golden jubilee is also celebrated. During this historic meeting, a number of forums, seminars and meetings will take place, including the Governors’ Roundtable, the 18th IDB Global Forum on Islamic Finance, the IDB Group Private Sector Forum, the Arab Coordination Group Forum, the General Assembly of the Federation of Islamic Countries Consultants (FCIC) .
Rated AAA by the world’s major rating agencies, the Islamic Development Bank is a pioneering multilateral development bank for the Global South. Guided by the principles of Islamic finance, the Bank has 57 member countries on four continents. Its mission is to empower people to achieve large-scale economic and social progress by creating the infrastructure that allows them to realize their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, the IDB has regional centers and centers of excellence in 11 member countries. Over the past years, the Bank has grown from a single structure into a Group consisting of five organizations: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI), the Islamic Investment and Export Credit Insurance Corporation (ICIEC), the Islamic Private Sector Development Corporation (ICD ) and the International Islamic Trade and Finance Corporation (ITFC).
Cooperation with Azerbaijan
Since Azerbaijan’s membership in 1992, the IDB has approved economic and social infrastructure projects, mainly in energy, water and sanitation, and urban services, and improved access to finance. In particular, Bank financing helped the country achieve the following socio-economic results.
In the power sector, 1,060 MW of electricity generation capacity and 230 MW of renewable energy generation capacity were installed. In addition, 287 kilometers of power transmission and distribution lines were built and 400 substations were installed or upgraded, improving national energy security and increasing exports.
In the water supply and sanitation sector, more than 100 small drinking water distribution networks have been built or rehabilitated in rural communities, providing clean and safe drinking water and basic sanitation services to 75,000 people in four regions of Azerbaijan.
In the agriculture sector, about 85 thousand hectares of farmland have been irrigated and modern agricultural equipment has been provided to farmers.
In the financial sector, $10 million in funding was provided to private sector businesses, including small and medium-sized enterprises, impacted by the COVID-19 pandemic.
At the end of January 2024, the IDB and the Ministry of Economy of Azerbaijan signed a Memorandum of Understanding establishing a cooperation framework for the Country Engagement Framework (CEF) for Azerbaijan for 2024-2026.
The CEF aims to enhance cooperation between the IDB Group and Azerbaijan, expand potential areas of cooperation, and strengthen the Bank’s support for accelerating socio-economic development in the country.
The IDB CEF for Azerbaijan will be based on three pillars, namely: 1) development of environmentally friendly, sustainable infrastructure, including support for the reconstruction of Karabakh, renewable energy, regional connectivity and sustainable production of hydrocarbon resources; 2) supporting productivity-led growth in a competitive and diversified economy, including private sector development, agricultural exports and innovation, and the halal ecosystem, and 3) cross-cutting areas such as digital transformation, Islamic finance, South-South cooperation The South and Capacity Development.
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