Numerous agreements covering infrastructure, energy, trade, social development, and humanitarian sectors were signed between member countries and international partners during a signing ceremony held in Baku as part of the annual meetings of the Islamic Development Bank (IsDB) Group, APA-Economics reports.
IsDB President Dr. Mohammed Al Jasser, IsDB Vice President for Operations Dr. Rami Ahmad, ministers from member countries, and heads of international organizations signed documents related to various projects during the event.
A €218.7 million agreement was signed with Côte d’Ivoire for the rehabilitation of the Tafiré–Ferkessédougou road. The document was signed by Dr. Mohammed Al Jasser and Côte d’Ivoire’s Minister of Planning and Development, Souleymane Diarrassouba.
A financing package worth a total of $40.01 million ($19 million loan, $20 million OCR, and $1.01 million grant) was approved for a vocational education and youth employment project in The Gambia. The document was signed by the IsDB President and Minister of Finance Seedy K.M. Keita.
A $69.5 million agreement was signed for a rural electrification project in Mauritania. The signatories were the IsDB President and Minister of Economy Abdallah Cheikh Sidia.
A Country Engagement Framework for Somalia covering 2026–2028 was approved with a value of $45 million.
In Bahrain, two projects—the expansion of Salman Industrial City and the rehabilitation of the King Faisal Highway—will be implemented under IsDB’s OCR mechanism.
A $37 million agreement was signed for a solar power plant project in Palestine.
Cooperation memorandums were signed between the IsDB and the Federation of Contractors from Islamic Countries (FOCIC), Belgium’s development agency Enabel, the International Organization for Migration (IOM), and the Islamic Organization for Food Security (IOFS).
In addition, a donor agreement under the 3R mechanism was signed with Islamic Relief USA, and cooperation was launched on a humanitarian assistance project in Sudan worth a total of $7 million ($2.5 million from IsDB and $4.5 million from IR USA).
Within the framework of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a $50 million trade finance agreement was signed with ATFP in the UAE, a $25 million trade insurance framework agreement with the National Bank of Bahrain, a €150 million risk guarantee for the Kınalı–Malkara highway project in Türkiye, $65 million in insurance support for the Uganda–Egypt SAMCO project, and a memorandum of cooperation with Bank of Huzhou of China.
The Islamic Corporation for the Development of the Private Sector (ICD) signed a memorandum of cooperation with Kazakhstan’s KazAgroFinance. In addition, a letter of intent on a credit enhancement mechanism was signed with the African Solidarity Fund (FSA), and a strategic partnership was established with the UK-based Texel Group.
Within the framework of the International Islamic Trade Finance Corporation (ITFC), a $1 billion five-year framework agreement was signed with Burkina Faso, along with a $60 million trade finance agreement with Uzbekistan’s Invest Finans Bank and a $40 million trade finance agreement with Orient Finans Bank.
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