BAKU, Azerbaijan, June 21, 2026/APO Group/ –President of the Republic of Azerbaijan H.E. Ilham Aliyev received, on June 18, a delegation comprising the heads of member institutions of the Arab Coordination Group (ACG) (https://TheACG.org), as well as Arab Ministers of Finance and senior officials participating in the 2026 Annual Meetings of the Islamic Development Bank Group in Baku.

 

The delegation included H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group; Dr. Abdulhamid Alkhalifa, President of the OPEC Fund for International Development; Mr. Abdullah Khalil Al-Musaibeeh, President of the Arab Bank for Economic Development in Africa; Dr. Fahad Alturki, Director General and Chairman of the Board of the Arab Monetary Fund; Mr. Sultan Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development; Mr. Hammam bin Nasser bin Juraied, Executive Director of the Arab Gulf Programme for Development; and Mr. Thamer Al-Failakawi, Director of Operations at the Kuwait Fund for Arab Economic Development.

The delegation also included H.E. Mr. Mohammed bin Abdullah Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia; H.E. Mr. Yaqoub Al-Rifai, Minister of Finance of the State of Kuwait; H.E. Mr. Ali bin Ahmed Al Kuwari, Minister of Finance of the State of Qatar; and Mr. Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations at the Ministry of Finance of the United Arab Emirates.

During the meeting, President Ilham Aliyev underscored the importance of the participation of the heads of ACG member institutions and Arab Ministers of Finance in the 2026 Annual Meetings of the Islamic Development Bank Group. He also highlighted the strong and active cooperation between Azerbaijan and the member institutions of the Arab Coordination Group, noting that several projects are currently under implementation and stressing the importance of the documents to be signed in this regard.

Expressing gratitude for the gracious welcome extended in Azerbaijan, H.E. Dr. Muhammad Sulaiman Al Jasser conveyed the delegation’s appreciation to President Ilham Aliyev for the reception. He also expressed his high appreciation for the President’s continued support for strengthening cooperation between Azerbaijan and the Arab Coordination Group.

The two sides reviewed the broad opportunities available to further expand the partnership between Azerbaijan and ACG member institutions. They also underlined the importance of Azerbaijan’s favorable investment climate in supporting the implementation of joint projects with the member institutions of the Arab Coordination Group.

Following the meeting, and in the presence of the President of Azerbaijan, a loan agreement was signed for the “Construction of the Sumgayit New Wastewater Treatment Facility” project. In addition, a Memorandum of Understanding was exchanged to expand cooperation between the Ministry of Economy of the Republic of Azerbaijan, the Azerbaijan State Water Resources Agency, and members of the Arab Coordination Group on the “Construction of Water Supply and Sewerage Systems for 33 Residential Settlements in the Absheron Peninsula” project.

At the conclusion of the meeting, President Ilham Aliyev presented the “Dostlug” — Friendship — Order to H.E. Dr. Muhammad Sulaiman Al Jasser, in recognition of his contribution to the development of cooperation between Azerbaijan and the Islamic Development Bank.

H.E. Dr. Muhammad Sulaiman Al Jasser expressed his sincere gratitude to the President of the Republic of Azerbaijan for this high distinction and for the appreciation shown for his efforts to strengthen cooperation between Azerbaijan and the IsDB Group.

BAKU, Azerbaijan, June 21, 2026/APO Group/ –The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has provided insurance support for the construction of the Akii-Bua Olympic Stadium in Uganda. The transaction was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

 

ICIEC’s support was provided through a Specific Transaction Policy (STP) extended to SAMCO National Construction Company of Egypt covering a supplier credit facility. The project has a total contract value of approximately USD 130 million, with an insured amount of USD 65 million and a coverage level of 90% against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda.

 

The Akii-Bua Olympic Stadium is part of Uganda’s efforts to strengthen national sports infrastructure and expand its capacity to host regional and international sporting events. Located in Lira City, the project is expected to support youth athletics, promote community participation in sports, and contribute to healthier lifestyles.

 

During construction, the project is expected to create employment opportunities and increase demand for local materials and services. In the longer term, the stadium is expected to stimulate regional economic activity by attracting sporting events, tourism, and related commercial services, while supporting urban development in Lira and surrounding areas.

 

Commenting on the transaction, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This project demonstrates how well-structured risk mitigation can help deliver social infrastructure with lasting development value. By supporting the Akii-Bua Olympic Stadium, ICIEC is contributing to a project that will serve communities, empower young people, and create new opportunities for economic activity in Northern Uganda.”

BAKU, Azerbaijan, June 21, 2026/APO Group/ –The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has signed a Bank Master Policy (BMP) and Documentary Credit Insurance Policy (DCIP) with the National Bank of Bahrain (NBB) on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

 

Under these insurance policies, ICIEC will provide insurance cover for eligible trade finance transactions extended by NBB to entities located in ICIEC Member States and support the confirmation of letters of credit issued by banks in ICIEC Member States, helping facilitate cross-border trade while mitigating payment risks.

 

The partnership underscores ICIEC and NBB’s shared commitment to expanding trade finance, strengthening cross-border trade flows, and deepening economic cooperation among Member States. Through the provision of risk mitigation solutions, the agreement enhances confidence in international trade transactions, supports increased private sector engagement, and facilitates the efficient movement of essential goods and services across strategic markets.

 

Commenting on the agreement, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Resilient trade ecosystems require strong financial institutions, trusted partnerships, and effective risk mitigation. These insurance policies with the National Bank of Bahrain bring these elements together, enabling greater confidence in cross-border transactions and expanding trade opportunities across ICIEC Member States. We are pleased to join forces with NBB in supporting businesses and facilitating the flow of trade that contributes to sustainable economic development.”