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 20, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank Group has published its 2025 Annual Report, revealing US$9.35 billion in trade finance approvals, US$7.79 billion in intra-OIC trade financing and US$6.35 billion mobilised from partner institutions in 2025, underscoring its role in financing trade, energy and food security across across 144 operations in 25 member countries.

 

These figures brought cumulative approvals since ITFC commenced operations in 2008 to US$92.10 billion, with disbursements reaching US$77.70 billion. This showcases ITFC’s role in financing trade flows in member countries facing liquidity constraints, trade finance gaps and continued pressure on food and energy supply chains.

ITFC’s 2025 portfolio remained focused on sectors linked to trade continuity and economic activity:

• Energy approvals reached US$6.47 billion, with financing directed towards fuel, electricity and energy sector needs in member countries
• Food and agriculture approvals reached US$1.57 billion, assisting strategic commodity imports and food security requirements
• Financial sector approvals reached US$1.20 billion, including lines of financing through financial institutions
• Private sector trade finance approvals reached US$1.35 billion, bringing cumulative private sector financing since inception to US$19.60 billion

The report also records ITFC’s partner capital mobilisation during the year. ITFC mobilised US$6.35 billion from public and private sector partners, representing 68 per cent of total approvals. In 2025, ITFC ranked Global #1 Bookrunner and Mandated Lead Arranger in the Bloomberg and LSEG Islamic Syndications League Tables.

Trade development activity also formed part of ITFC’s 2025 delivery. The report outlines trade related technical assistance and integrated solutions initiative in member countries, in addition to programs including the Arab Africa Trade Bridges Programme, the Aid for Trade Initiative for Arab States 2.0, Trade Connect Central Asia Plus and the SMEs Program. These initiatives focus on export capacity, trade facilitation, regional economic cooperation and private sector readiness.

The report also confirms Moody’s reaffirmation of ITFC’s A1 long term foreign currency issuer rating and Prime 1 short term foreign currency issuer rating, with a stable outlook.

The 2025 Annual Report is available here (https://apo-opa.co/3QqV9v7).