Baku, Republic of Azerbaijan, 1^st March 2023 - The Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, had a productive meeting with Mr. Rovshan Najaf, the President of Azerbaijan Oil Company (SOCAR). The meeting was focused on fostering bilateral cooperation between the IsDB Group and the Government of Azerbaijan (GoA) in the energy sector, particularly in the Karabakh region.

IsDB remains committed to contributing to Azerbaijan's socio-economic development and enjoys a strong relationship with the GoA. The energy sector has the largest share of operations in IsDB's cumulative portfolio, accounting for over 42%.

During the meeting, Dr. Al Jasser noted that the GoA has marked the transformation of the Karabakh region into a green zone as a priority within its ongoing reconstruction and development projects in the recently restored territories. This opens up new opportunities for enhanced collaboration, particularly in attracting investments for developing renewable energy projects in the region.

The recent accession of Azerbaijan to the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in January 2023 also offers new opportunities for cooperation. Dr. Al Jasser expressed keen interest in exploring potential opportunities to finance energy (oil and gas) as well as other sectors in the economy.

Furthermore, IsDB continues to engage with several developers exploring potential PPP opportunities in Azerbaijan, particularly in the energy sector. This demonstrates the Bank's commitment to building strategic partnerships and supporting sustainable development in Azerbaijan.

Dr. Al Jasser concluded the meeting by expressing his appreciation to Mr. Najaf and the GoA for their continued support and commitment to cooperation with the IsDB Group. IsDB remains committed to working closely with the GoA to support its development goals and enhance the socio-economic development of Azerbaijan.