.Bank president restates commitment to support sustainable devt, partnership with Nigeria, Qatar, Syria
Sunday Okobi in Baku, Azerbaijan
The Minister of Finance and the Coordinating Minister of the Economy, Taiwo Oyedele, has called for a stronger collaboration with organisations like the Islamic Development Bank (IsDB) Group to attain sustainable prosperity, raise affordable finance for development and corporate organisations, and support small and medium businesses in Nigeria.
This was as President of the IsDB Group, Dr. Muhammad Al Jasser, reaffirmed the Bank’s commitment to strengthening partnerships and supporting sustainable development across its member countries, especially Qatar, Syria, and Nigeria, at the ongoing IsDB Group Annual Meetings in Baku, Azerbaijan.
A separate meeting between the Minister of Finance and Coordinating Minister of the Economy, Oyedele and President of the IsDB Group, centred on further deepening the longstanding partnership between Nigeria and the IsDB Group.
The minister, who disclosed this to THISDAY after participating in a dialogue session tagged: ‘Investing in Resilience and Long-term Development in the Sahel Region’, said that Nigeria needs to focus on the purpose of this year’s IsDB meeting to achieve positive economic impact and inclusion, particularly for young people and women in Nigeria.
According to Oyedele, “We need to work together. Collaboration is the way to go, and that’s the whole idea of belonging to institutions and organisations such as the IsDB.
“Let’s focus on the purpose of this AGM, with the issues that have to do with sustainable prosperity; how to raise affordable finance for economic development as well as supporting corporate organisations; issues around small businesses, economic impact and inclusion, particularly for young people and women in Nigeria.”
Meanwhile, at a high-level event held on the sidelines of the IsDB meeting yesterday, senior government officials, development partners, energy sector leaders, and technical experts discussed how cross-border energy infrastructure can strengthen energy security, expand electricity access, support renewable energy integration, and promote sustainable economic development across IsDB Group Member Countries.
Opening the event, the Deputy Minister of Energy of the Republic of Azerbaijan, Mr. Orkhan Zeynalov, highlighted the importance of regional energy connectivity in supporting economic growth and sustainable development.
In his keynote address, the Director General of Global Practice and Partnerships at IsDB, Mr. Issa Faye, emphasised that regional energy interconnections help countries optimise the use of their energy resources, improve electricity supply reliability, lower costs, support renewable energy integration, and foster stronger regional economic cooperation.
The panel discussions moderated by Mr. Idrissa Dia, Director of the Economic and Social Infrastructure Department (ESID) at IsDB, also featured H.E. Mr. Yusuf Majidi, First Deputy Minister of Finance, Republic of Tajikistan; Mr. Sherard Cowper-Coles, Vice President and Corporate Secretary at Asian Infrastructure Investment Bank; Mr. Siegfried Leffler, Head of Operations, GIZ International Services; and Mr. Abdoulaye DIA, Secretary General of the West African Power Pool (WAPP).
The panelists shared their experiences from major initiatives such as CASA-1000, the OMVG Interconnection Project, and the Rogun Hydropower Plant, as well as lessons on project preparation, financing, governance, risk management, and the development of commercially viable regional electricity markets.
Participants emphasised that interconnected power systems can improve energy security, reduce costs, expand access to reliable electricity, and facilitate greater use of renewable energy.
They also highlighted the importance of stronger regional cooperation and initiatives such as Mission 300 in addressing rising energy demand and supporting long-term economic transformation in Member Countries of IsDB.
They all called for stronger collaboration among governments, development institutions, utilities, and regulators to accelerate regional energy corridors.
Key priorities identified included enhanced market integration, stronger regulatory cooperation, innovative financing mechanisms, improved risk-mitigation frameworks, and greater stakeholder coordination. The discussions reinforced IsDB’s commitment to advancing regional integration through sustainable energy infrastructure that promotes energy security, economic transformation, and shared prosperity.
Also, the 20th IsDB Global Forum on Islamic Finance with the theme: ‘Achieving Sustainable Prosperity through Islamic Finance’, brought together distinguished policymakers, regulators, development practitioners, and industry leaders to explore how Islamic finance can foster sustainable prosperity and address development challenges across Member Countries, including Nigeria.
While aligning with the broader IsDB Annual Meetings theme: ‘Regional Integration for Sustainable Prosperity’, the Forum examined how countries and institutions can leverage Islamic finance to deepen regional integration, enhance economic resilience, and promote inclusive growth across IsDB Member Countries.
The Governor of the Central Bank of the Republic of Azerbaijan, Mr. Taleh Kazimov, in his keynote address, reaffirmed Azerbaijan’s commitment to contributing to the future development of the Islamic finance ecosystem, highlighting the country’s role as a reformer and a bridge between regions and markets. He emphasised the importance of a clear strategic vision in shaping future growth and cooperation.
On his part, the Chief Executive Officer of ITFC, Adeeb Yousuf Al Aama, in a keynote speech on behalf of the IsDB Group, emphasised that Islamic finance should not be viewed merely as an alternative set of financial contracts or a niche segment of the global financial industry, rather as a values-driven development paradigm that reconnects finance with the real economy, productive activity, shared prosperity, and social well-being.
In his opening remarks, Dr. Sami Al-Suwailem, acting Director-General of IsDB Institute, highlighted the significant contribution of the IsDB Group to the development of the global Islamic finance industry, now valued at approximately US$ 4 to 5 trillion. He underscored the importance of innovation in maintaining the leadership of the IsDB Group and ensuring the industry remains relevant and continues to contribute to sustainable development.
Key highlights of the forum included: the launch of a new report titled ‘ Islamic Finance in Azerbaijan: Breaking New Ground’, jointly produced by IsDBI and ITFC, along with other flagship publications, as well as the announcement of a memorandum of understanding between IsDBI and the Labuan Financial Services Authority to explore the Awqaf Free Zones flagship project.
Meanwhile, Oyedele and IsDBI President reviewed cooperation under the Country Engagement Framework 2026–2028 and explored opportunities to further support Nigeria’s development priorities, particularly in infrastructure, private sector development, Islamic finance, and economic diversification. They further discussed the momentum generated by the recent IsDB Group Day in Lagos, reaffirming the shared commitment to delivering impactful and sustainable development outcomes.
In a series of bilateral meetings with IsDB Governors for Qatar, Syria, and Nigeria, the discussions also focused on reviewing the progress of Qatar’s Country Engagement Framework 2024–2028. The exchange highlighted the strong strategic partnership between Qatar and the IsDB Group and explored ways to further advance shared development objectives. Both sides, represented by the chairman and Mr. Ali Ahmed Al-Kuwari, Minister of Finance and IsDB Governor for the State of Qatar, emphasised the importance of collective efforts to support social and economic development across member countries, particularly the least developed among them, while underscoring the significant contribution of Qatar’s development institutions and funds to sustainable and inclusive growth.
Also, Dr. Al Jasser held talks with the Minister of Finance and IsDB Governor for the Syrian Arab Republic, Mr. Mohammed Yisr Barnieh, on opportunities to strengthen cooperation in support of Syria’s recovery and reconstruction efforts. He reaffirmed the IsDB Group’s commitment to supporting Syria through technical assistance, capacity-building programmes, and targeted development initiatives aimed at improving livelihoods, promoting economic empowerment, and enhancing skills development. Both sides stressed the importance of sustained collaboration to accelerate recovery efforts and improve the well-being of the Syrian people.
Across all meetings, there was a shared emphasis on the importance of enhanced cooperation, targeted investments, and coordinated action to address development challenges and unlock opportunities for sustainable and inclusive growth throughout the IsDB membership.
