A number of agreements have been signed on the sidelines of the 51st Annual Meeting of the Islamic Development Bank (IsDB) Group held in Azerbaijan’s capital Baku.
On behalf of the Group, the documents were signed by the Islamic Development Bank (IsDB), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), The Caspian Post reports via Report.
A flagship infrastructure project in Côte d’Ivoire is set to reshape a key regional transport corridor after the signing of a major agreement on the sidelines of the Islamic Development Bank (IsDB) Group meeting in Baku.
The first signed agreement supports the modernization of the Tafire-Ferkessédougou road in Côte d’Ivoire, a major 58-kilometer infrastructure investment financed through the Islamic Development Bank’s (IsDB) Ordinary Capital Resources (OCR). Valued at €218.7 million, the flagship project is designed to transform this strategically important economic corridor into a high-capacity four-lane divided highway.
Once completed, the upgraded route is expected to significantly improve regional connectivity by reducing travel times, lowering transportation costs, and enhancing road safety. Beyond its domestic impact, the project will also strengthen Côte d’Ivoire’s position as a key trade and logistics hub in West Africa, supporting broader economic integration across the region.
A new agreement signed with The Gambia focuses on advancing youth employment through the development of technical and vocational education, marking another step in efforts to strengthen human capital and job readiness in the country.
The project, titled “Enhancing Technical and Vocational Training and Promoting Youth Employment,” is backed by a blended financing package designed to maximize impact and sustainability. It includes a $19 million loan from the Development Cooperation Fund (ICF), $20 million from the Islamic Development Bank’s Ordinary Capital Resources (OCR) on concessional terms, and an additional $1.01 million in IsDB grants.
At its core, the initiative aims to equip young people with practical, job-relevant skills while expanding their access to employment opportunities. It also seeks to reinforce the institutional capacity of The Gambia’s technical and vocational education and training (TVET) system, ensuring longer-term improvements in workforce development and economic resilience.
An agreement with Mauritania will support a major rural electrification initiative aimed at bringing power to isolated and underserved communities across the country.
The project is financed through a blended package, including $25.35 million in instalment-based financing from the Islamic Development Bank (IsDB) and an additional $33.39 million provided by the Development Cooperation Fund (ICF). With a total budget of $69.5 million, the flagship program marks a significant step toward expanding electricity access in remote areas, strengthening local economies, and improving living standards in rural regions.
In a parallel development, a new $45 million Country Engagement Framework was launched with Somalia for the 2026-2028 period. The program is designed to support resilience-building and economic transformation in a fragile economic environment through targeted investments in sustainable infrastructure, food security, and human capital development.
The Islamic Development Bank (IsDB) has also signed an agreement with Bahrain to support the expansion of Salman Industrial City, a strategic project aligned with the country’s industrial development strategy and its Vision 2030 agenda. The initiative involves building modern infrastructure and preparing fully serviced industrial plots to accommodate new manufacturing and investment projects, reinforcing Bahrain’s long-term industrial diversification goals.
In a separate agreement, IsDB and Bahrain will collaborate on the modernization of King Faisal Highway. The project is designed to improve connectivity between major economic hubs through the construction of multi-level road infrastructure and the introduction of intelligent transport systems. Once completed, the upgraded highway is expected to ease traffic congestion, enhance transport efficiency, and strengthen overall mobility across key commercial corridors.
A $37 million agreement has been signed with the State of Palestine to develop a solar power plant, financed through a loan from the Development Cooperation Fund (ICF). The project will establish 20 megawatts of solar generation capacity, with an expected annual output of around 35 gigawatt-hours of electricity. The initiative is aimed at strengthening energy security, expanding renewable energy infrastructure, and supporting more sustainable power supply solutions.
In a separate development, the Islamic Development Bank (IsDB) also signed a memorandum of understanding with the Federation of Contractors in Islamic Countries (FOCIC). The agreement is designed to deepen private sector participation in infrastructure development across member states of the Organisation of Islamic Cooperation (OIC), enhance the competitiveness of the construction industry, and improve financing mechanisms as well as capacity-building support for contractors involved in large-scale projects.
The Islamic Development Bank (IsDB) has also signed a memorandum of understanding with the Belgian development agency Enabel, establishing a partnership to implement joint development programs. The agreement includes mechanisms for co-financing projects and strengthening the exchange of institutional knowledge, with a focus on improving the effectiveness and reach of development initiatives.
photo: getty images
In another step to expand its humanitarian and development cooperation, IsDB signed an MoU with the International Organization for Migration (IOM). The partnership is aimed at supporting migrants, displaced populations, and host communities through humanitarian assistance and socio-economic development programs designed to enhance resilience and improve living conditions.
Separately, IsDB also concluded a memorandum of understanding with the Islamic Organization for Food Security. The agreement focuses on strengthening food systems and promoting sustainable agriculture across member countries, with the goal of improving food resilience, boosting agricultural productivity, and supporting long-term food security.
A separate donor contribution agreement has been signed between the Islamic Development Bank (IsDB) and Islamic Relief USA under the 3R Facility mechanism. The arrangement provides for grant-based support to member countries affected by armed conflict, natural disasters, and other emergency situations, reinforcing efforts to deliver rapid humanitarian response where it is most needed.
In parallel, both parties also signed a letter of commitment to provide urgent humanitarian assistance to civilians in Sudan affected by the ongoing conflict. Under the agreement, IsDB will contribute $2.5 million, while Islamic Relief USA will provide $4.5 million in additional funding. The initiative is expected to benefit approximately 374,800 people, helping to address critical humanitarian needs and support vulnerable communities impacted by the crisis.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a $50 million General Trade Credit Insurance Policy with the Arab Trade Financing Program (ATFP). The agreement is designed to expand trade finance across member states and enhance liquidity availability for cross-border transactions, thereby facilitating smoother and more resilient intra-regional trade flows.
In another development, ICIEC also concluded agreements with the National Bank of Bahrain covering a General Banking Policy and Documentary Credit Insurance facilities worth a combined $25 million. These arrangements aim to strengthen trade credit insurance instruments, reduce risk in international trade operations, and support the expansion of secure and efficient cross-border commercial activities.
Another agreement signed by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) relates to a major infrastructure project in Türkiye, involving the Kınalı-Malkara section of the Kınalı-Tekirdağ-Çanakkale-Savaştepe motorway. ICIEC will provide sovereign risk coverage of €150 million to support the financing, construction, operation, and maintenance of this strategic transport corridor. The project involves leading international financial institutions, including Standard Chartered Bank and ING.
ICIEC has also extended $65 million in insurance coverage for a construction project in Lira, Uganda, being implemented by the Egyptian company SAMCO. The initiative aims to strengthen investment cooperation among member states of the Organisation of Islamic Cooperation (OIC), while contributing to infrastructure development and deeper economic integration across participating countries.
In addition, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a strategic cooperation memorandum with China’s Bank of Huzhou. The agreement is aimed at expanding collaboration in trade, investment, and project finance across ICIEC member countries, strengthening cross-border financial connectivity and supporting larger-scale development initiatives.
The Islamic Corporation for the Development of the Private Sector (ICD) also signed a memorandum of understanding with Kazakhstan’s JSC “KazAgroFinance.” The agreement focuses on exploring financing opportunities for projects in Kazakhstan that align with the country’s priorities for sustainable socio-economic development, particularly in agriculture and rural modernization.
Furthermore, ICD signed a letter of intent with the African Solidarity Fund (FSA). The two sides agreed to deepen cooperation in guarantee mechanisms and credit enhancement tools, with the aim of facilitating project implementation and improving access to finance across member states through more robust risk-sharing frameworks.
The Islamic Corporation for the Development of the Private Sector (ICD) has also signed a memorandum of understanding with the UK-based Texel Group. The agreement aims to expand cooperation in structuring financial instruments and applying credit insurance mechanisms against non-payment risk, strengthening the availability of tailored financing solutions for investment projects across member countries.
The International Islamic Trade Finance Corporation (ITFC) has concluded a five-year framework agreement worth $1 billion with Burkina Faso. The agreement establishes a long-term partnership aligned with the country’s National Development Plan for 2026-2030, supporting strategic economic priorities and development financing over the medium term.
ITFC has also signed a $60 million trade finance facility agreement with Uzbekistan’s Invest Finance Bank. The funding will support import and pre-export financing for private sector clients, including small and medium-sized enterprises (SMEs), assisting to improve access to trade liquidity and strengthen export capacity.
In a further development, ITFC concluded another $40 million trade finance facility with Uzbekistan’s Orient Finance Bank. This financing is also aimed at supporting the private sector, with a particular focus on SME development, women-led businesses, and green finance initiatives, contributing to more inclusive and sustainable economic growth.
