Azerbaijan already implemens projects with funding from Arab Coordination Group — minister

BAKU, Azerbaijan, June 17. Azerbaijan has already commenced the implementation of concrete infrastructure projects with the support of the Arab Coordination Group (ACG), and cooperation with international financial institutions contributes to attracting new investments, Mikayil Jabbarov, Minister of Economy of Azerbaijan, stated during a dialogue within the framework of the annual meetings of the Islamic Development Bank (IsDB) Group in Baku, Trend's correspondent reports from the event.

According to the minister, the resumption of active cooperation between Azerbaijan and the Arab Coordination Group became possible thanks to the joint efforts of the IsDB leadership and other members of the association.

"The renewal of Azerbaijan's relations with the Arab Coordination Group would have been impossible without the leadership of IsDB President Dr. Muhammad Al Jasser, his team, as well as all other members of the group," Jabbarov said.

He noted that the results of the cooperation emerged faster than expected.

"These days, entirely concrete documents are already being signed and implemented. By this, I mean projects that receive funding in areas such as the construction of waste processing facilities, the development of road infrastructure, and other directions," the minister emphasized.

According to him, Azerbaijan's experience demonstrates the high efficiency of the Arab Coordination Group's operations.

"This shows that the Arab Coordination Group is indeed capable of working very efficiently and promptly in terms of project implementation timeframes. On its part, the government is also trying to keep pace with this momentum," he stated.

Jabbarov emphasized that the Islamic Development Bank plays a significantly broader role than just a financial institution.

"The role of the IsDB has been truly defining. Not only as an individual institution, but also as a common platform bringing together the members of this community. We are talking about a single ecosystem where the exact same institutions and decision-makers interact," the minister said.

According to him, it is precisely this format of cooperation that creates additional advantages for the member countries.

"Such interaction generates many positive spillover effects that extend far beyond specific projects," Jabbarov noted.

The minister also emphasized the significance of the participation of multilateral development banks in implementing bilateral initiatives.

"The presence of a multilateral development bank in any bilateral project becomes an additional guarantee of quality, reliability, and accountability. I believe that its unique value lies precisely in this," he stated.

According to Jabbarov, it was precisely such practical mechanisms of cooperation that formed the basis for creating these types of international institutions.

"Most likely, it was exactly these new formats of interaction that the founders of our institutions had in mind, as they are born out of practical activity and yield real results," the minister concluded.