Islamic Development Bank (IsDB)

General informations

§ It was created in 1973.

§ Its headquarters is located in Jeddah, Kingdom of Saudi Arabia.

§ 57 countries are members of the Bank.

§ The Chairman of the (IsDB)is Muhammad Sulaiman Al Jasser (Saudi Arabia) as of 09.08.2021.

Cooperation with Azerbaijan

§ The group of countries in which Azerbaijan is part: Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Albania, Tajikistan. The Executive Director for the group, in which our country is included, varies between the countries of the group in accordance with the rotation system.

• Executive Director for Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Albania, and Tajikistan: Endrit Lami (Albania)(term of office: 01.01.2024 - 31.12.2026)

§ Our country also cooperates with the members of the IsDB Group- the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

• As a result of the meetings held with the relevant institutions of our country within the visit of the delegation of the IsDB Group to Azerbaijan on 10 July 2023, the following priority areas for cooperation with the IsDB were identified:

1. Green, sustainable infrastructure development;
2. Supporting productivity-based growth, a competitive and diversified economy;
3. Cross-sectoral areas (Islamic finance, digitalization, regional and South–South cooperation, etc.).

· On 5 December 2024, an initial exchange of views was held on the concept of the project “Development of Offshore Wind Energy Infrastructure in the Republic of Azerbaijan” during an online meeting attended by representatives of the Ministry of Economy, the Azerbaijan Renewable Energy Agency under the Ministry of Energy, and the IsDB.