New agreements signed at IsDB Group Annual Meetings in Baku

A number of agreements have been signed on the sidelines of the 51st Islamic Development Bank (IsDB) Group Annual Meetings in Baku, according to Report.

On behalf of the Group, the document was undersigned 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 first agreement supports the Upgrading of the Tafiré–Ferkessédougou Highway in Côte d'Ivoire. This is a transformational 58-kilometre infrastructure investment financed through an IsDB OCR. This flagship operation, with a total value of EUR 218.7 million, will upgrade a critical economic corridor into a high-capacity dual carriageway-reducing travel time, lowering vehicle operating costs, strengthening road safety, and reinforcing Côte d'Ivoire's position as a regional trade and logistics gateway.

The agreement signed with The Gambia supports the project on Enhancing Vocational Training and Youth Employability, which is backed by an ICF Loan of USD 19 million, an IsDB OCR Instalment Sale of USD 20 million, and IsDB Grants of USD 1.01 million.

This intervention is designed to equip young people with practical skills, expand access to employability pathways, and strengthen institutional capacity in technical and vocational training.

The agreement with Mauritania concerns the Rural Electrification Project in Isolated Areas, financed through an IsDB Installment Sale of USD 25.35 million and an ICF Installment Sale of USD 33.39 million.

Valued at USD 69.5 million, this flagship program represents a breakthrough in energy access for remote communities.

Moreover, the Somalia Country Engagement Framework, valued at USD 45 million for the period 2026–2028, has been launched jointly with Somalia.

This framework is designed to drive resilience and economic transformation in a fragile context through integrated investments in resilient infrastructure, food security, and human capital.The bank also signed an agreement with the Kingdom of Bahrain concerning the Salman Industrial City Expansion Project, financed through an IsDB OCR Instalment Sale.

A cornerstone of Bahrain's Industrial Sector Strategy and Vision 2030, this project will expand Salman Industrial City Expansion Project, financed through an IsDB OCR Instalment Sale.

Another agreement with Bahrain supports the King Faisal Highway Upgrade Project, which is financed through an IsDB OCR Instalment Sale.

The project will enhance connectivity to key economic hubs through modern grade-separated infrastructure and smart transport systems.

The agreement signed with Palestine concerns the Solar Power Field Project, supported through an ICF Loan and valued at USD 37 million.

This sovereign clean energy investment will reduce dependence on imported electricity, strengthen national energy security, and deliver 20 megawatts of solar capacity with annual generation of approximately 35 gigawatt-hours.

The Islamic Development Bank also signed a Memorandum of Understanding with the Federation of Contractors from Islamic Countries, FOCIC.

This strategic partnership is designed to strengthen private-sector participation and competitiveness across OIC construction markets through capacity building, market intelligence, access to financing, and greater readiness for large-scale infrastructure delivery.

The next signed document is the Memorandum of Understanding between the Islamic Development Bank and Enabel, the Belgian Development Agency.

This framework is intended to accelerate the delivery of scalable development across member countries by combining co-financing, delegated implementation, and institutional expertise.

The bank also signed an MoU with the International Organization for Migration, IOM.

This Memorandum of Understanding bridges humanitarian response with long-term development in migration and displacement contexts. By combining crisis response, socio-economic inclusion, and innovative financing, the partnership aims to support displaced populations, migrants, and host communities with solutions that are scalable, people-centric, and resilient.

Another document is signed with the Islamic Organization for Food Security, IOFS.

Through this Memorandum of Understanding, both institutions will work to strengthen food security systems and promote sustainable agricultural development across member countries.

The next document signed is the Donor Contribution Agreement between the Islamic Development Bank and Islamic Relief USA for the 3R Facility.

This contribution will reinforce a catalytic platform that provides targeted grant financing to member countries affected by fragility, conflict, and natural disasters.

The sides also signed the Letter of Engagement between the Islamic Development Bank and Islamic Relief USA.

This engagement will support an integrated emergency response delivering health, WASH, and shelter assistance to conflict-affected populations in Sudan, with an expected reach of 374,850 direct beneficiaries. Under this initiative, the Islamic Development Bank will contribute USD 2.5 million, while Islamic Relief USA will contribute USD 4.5 million, demonstrating the power of partnership in responding to urgent humanitarian needs with speed and scale.

ICIEC entered into a Master Policy Agreement with the Arab Trade Financing Program. Valued at USD 50 million, this partnership is set to expand trade finance flows across member countries and strengthen access to liquidity for cross-border transactions.

ICIEC and the National Bank of Bahrain signed agreements valued at USD 25 million under a Bank Master Policy and Documentary Credit Insurance Policy framework. Together, these agreements establish a robust platform for trade credit insurance and the confirmation of letters of credit, helping to strengthen confidence in cross-border trade transactions.

By another agreement ICIEC is providing EUR 150 million in sovereign risk coverage to finance the design, construction, commissioning, maintenance, and operation of the Kınalı-Malkara section of the Kınalı-Tekirdağ-Çanakkale-Savaştepe Motorway. The project involves Standard Chartered Bank and ING.

By its next agreement ICIEC is providing USD 65 million in insurance coverage to support a major construction project in Lira, Uganda, undertaken by the Egyptian EPC contractor SAMCO. This project advances intra-OIC investment flows and enables contractors to execute cross-border projects with greater confidence and reduced risk.

ICIEC also signed a strategic cooperation agreement with the Chinese Bank of Huzhou. This Memorandum of Understanding is designed to expand business origination opportunities and strengthen engagement between Chinese financial institutions and ICIEC member states on trade and investment. Together, this partnership aims to channel greater investment into member countries and open new avenues for trade and development financing.

ICD signed a strategic Memorandum of Understanding with KazAgroFinance JSC of Kazakhstan. Through this partnership, the parties will explore and identify financing opportunities in Kazakhstan that are mutually beneficial and aligned with the country's sustainable socio-economic development priorities.

A strategic Expression of Intent Letter signed between ICD and the African Solidarity Fund, FSA. This Expression of Intent builds on ICD's recent and first successful credit enhancement transaction with FSA in Mauritania, in partnership with BMI. It demonstrates the parties" shared ambition to scale up cooperation by using FSA guarantees as credit enhancement instruments for ICD's line of financing operations in selected common member countries.

ICD entered into a strategic Memorandum of Understanding with Texel Group of the United Kingdom. This partnership brings together ICD's origination and development financing capabilities with Texel Group's expertise in structuring and placement, particularly in the use of non-payment insurance.

The next signed document is the five-year Framework Agreement between ITFC and Burkina Faso, with a total amount of US$1 billion. This Framework Agreement establishes a long-term cooperation platform aligned with Burkina Faso"s new National Development Plan, Relance, for 2026 to 2030.

Another agreement is a US$60 million Line of Trade Financing Facility between ITFC and Invest Finans Bank of Uzbekistan. This agreement reinforces Uzbekistan's role as a growing market for Islamic trade finance. The facility will help meet import and pre-export financing needs for private sector clients, with particular focus on small and medium-sized enterprises.

ITFC also signed a US$40 million Line of Trade Financing Facility with Orient Finans Bank of Uzbekistan It will support import and pre-export financing needs for private sector clients, particularly SMEs, while also advancing women entrepreneurship and green financing.