Sunday Okobi in Baku, Azerbaijan
As the Islamic Development Bank (IsDB) Group officially commenced its 2026 Annual Meetings in Baku, Azerbaijan, yesterday under the high patronage of the President of the Republic of Azerbaijan, His Excellency Mr. Ilham Aliyev, the Board of Executive Directors (BED) of the Bank chaired by IsDB President, H.E. Dr. Muhammad Al Jasser, has approved a significant development financing package of US$ 2.8 billion in major development financing for member countries.
The bank leaders stated that the approvals highlight IsDB’s ongoing commitment to supporting transformative projects that enhance connectivity, energy security, food systems, climate resilience, and multiple Sustainable Development Goals(SDGs) across Member Countries, including Nigeria.
For Nigeria, the IsDB leader disclosed that US$ 150 million was approved for the Niger State Solar Energy Development Project to expand clean electricity generation, enhance power reliability, diversify the energy mix, and support climate mitigation efforts.
Also, in Uganda, a EUR 650.75 million financing was approved to construct the Standard Gauge Railway (Malaba–Kampala) project, to create a modern, high-capacity, low-carbon railway network that will lower transport costs, reduce travel times, improve passenger safety, cut CO emissions, and generate an estimated 3,000 jobs.
It stated that EUR 660.35 million was approved for the Istanbul North Rail Crossing Project in the Republic of Türkiye to bolster intercontinental rail connectivity, enabling seamless freight movement between Europe and Asia in Istanbul and enhancing passenger mobility.
Also US$ 93.80 million was approved for Tajikistan to fund the Rushan-Varshez road rehabilitation project to improve regional trade connectivity, boost transport efficiency, and strengthen resilience to climate-related risks.
In the same vein, EUR 86.55 million was granted to Côte d’Ivoire for the Electric Power System Infrastructure Reinforcement and Electricity Access Project Phase II to expand electricity access, improve service quality, and reinforce the power distribution network.
A US$ 22 million financing was approved for Palestine for the PV Solar Power Plants Project (Phase I) to improve energy security, expand affordable electricity access, and enhance resilience for vulnerable communities.
However, Bangladesh wasn’t left behind, as US$ 1,004.29 million was approved for its modernisation and expansion of the Eastern Refinery Project to boost energy security, increase domestic supply capacity, and ensure the availability of affordable, more sustainable petroleum products domestically.
The board disclosed that US$ 30.01 million financing was approved for The Gambia’s Cattle Production and Productivity Improvement Project to elevate cattle production, boost household incomes, and strengthen food and nutrition security.
The BED also approved EUR 19.17 million for Benin for the Sustainable Intensification of Legume-based Systems for Soil Fertility, Agriculture Resilience, and Food Security Project to increase agricultural productivity, enhance food security, and improve climate resilience among smallholder farmers.
These approvals, according to the Bank President, Dr. Jasser, reflect the strategic priorities highlighted during the 2026 IsDB Group Annual Meetings in Baku under the theme: ‘Regional Integration for Sustainable Prosperity,’ by supporting high-impact investments in cross-border transport, resilient energy systems, and sustainable agriculture.
Declaring this year’s meeting open in Baku, the IsDB president said the theme reflects the growing importance of regional integration as a driver of sustainable development and shared prosperity, adding that it is closely aligned with the IsDB Group’s 10-Year Strategic Framework (2026–2035), which identifies regional integration as a fundamental pillar for promoting inclusive, resilient, and sustainable development throughout its Member Countries.
According to him, “The 2026 Annual Meetings mark the second occasion in the past fifteen years that Azerbaijan has hosted the IsDB Group’s premier international event, following its previous hosting in 2010.
“The meetings convene ministers responsible for finance, economy, planning, and international development, alongside senior representatives of leading international financial institutions, global development organisations, and strategic partners. This preeminent event provides a high-level platform for dialogue, collaboration, and the exchange of knowledge aimed at addressing common development priorities and advancing sustainable socio-economic progress.
“Throughout the meetings, participants will engage in substantive discussions on emerging development challenges and opportunities, with a focus on identifying innovative and practical solutions that contribute to long-term global growth and resilience.”
Jasser added: “The programme features the statutory meetings of the Boards of Governors, a Fireside Chat with the Chairman of the IsDB Group, the Governors’ Dialogue, the IsDB Group Private Sector Forum, the MDB Business Opportunities Forum, the Arab Coordination Group (ACG) Private Sector Session, and a series of high-level roundtables, networking opportunities, exhibitions, and knowledge-sharing events. “Together, these events will explore key development priorities, including Islamic finance, youth employability, resilience and climate adaptation, halal ecosystem development, regional energy interconnections, trade and connectivity, AI and digital economies, innovation and startups, labelled sukuk, regional health security, social protection systems, and other pressing development challenges.
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