Azerbaijan’s Economy Minister Attends OPEC Fund Development Forum in Austria

Mikayil Jabbarov, Azerbaijan’s Minister of Economy, visited Vienna, Austria, to attend the OPEC Fund Development Forum, where he also held a series of bilateral meetings on the sidelines of the event.

During the meeting with Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, the sides emphasized the expansion of economic and trade cooperation between Azerbaijan and the UAE, The Caspian Post reports citing Azertac. They also highlighted the UAE’s investments in Azerbaijan’s renewable energy sector and the Abu Dhabi Fund’s support for infrastructure projects in the country.

Minister Jabbarov provided an overview of Azerbaijan’s favorable investment climate and economic potential. The sides reviewed cooperation in energy, infrastructure, innovation, and other areas, and discussed opportunities for the Fund to invest in priority sectors in Azerbaijan.

At the meeting with Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group, the successful cooperation with the institutions of the Group was emphasized, particularly in the areas of sustainable growth and infrastructure development.

Minister Jabbarov highlighted Azerbaijan’s priorities and ongoing economic reforms. They also exchanged views on the hosting of the Islamic Development Bank Group’s Annual Meeting in Azerbaijan in 2026, as well as other items on the agenda.

In the meeting with Abdulhamid Alkhalifa, President of the OPEC Fund for International Development, the discussions emphasized that mutual collaboration contributes to the diversification of Azerbaijan’s energy sector. They also discussed opportunities for cooperation in renewable energy, infrastructure, and technical assistance.

The Country Partnership Framework was signed, outlining cooperation areas between the Ministry of Economy of the Republic of Azerbaijan and the OPEC Fund for International Development. Covering the period of 2025-2030, the document envisages support for public and private sector projects in industry, renewable energy, transport, infrastructure, and other fields.

Initiatives implemented under this framework will contribute to climate financing, inclusive growth, and the development of small and medium-sized enterprises.