A videoconference took place between the Economy Minister Mikayil Jabbarov and the President of the Islamic Development Bank (IDB) Group Bandar Hajjar.

Mikayil Jabbarov stressed that Azerbaijan attaches importance to the relations with the Islamic Development Bank, as well as with institutions of the IDB Group, and highly appreciates the bank's support of our country in the development of the private sector. The Minister noted that to date, the IDB has invested about $ 1 billion in 18 projects in the economy of Azerbaijan. 17 of these projects, covering agriculture, social, water supply and other areas, have already been completed, and 1 project is underway. In addition, the Economy Minister underlined Azerbaijan's interest in expanding relations with the IDB, opportunities for cooperation in the restoration of our liberated territories noting the importance of implementing the concepts of "Smart Village" and "Smart City" in these areas and supporting the projects related to the construction of a sustainable infrastructure network.

The meeting discussed the priorities of Azerbaijan's socio-economic development, partnership with the Small and Medium Business Development Agency and the Azerbaijan Investment Company OJSC, including opportunities for cooperation in expanding the Bank's activities in projects aimed at the development of Azerbaijan and the region through the application of digital economy and the technologies of the Fourth Industrial Revolution.

Sharing his views on the possibility of expanding ties, the President of the Islamic Development Bank Group Bandar Hajjar stressed that the IDB supports the ongoing economic reforms in the country and that the IDB will continue to actively participate in projects implemented in Azerbaijan.

The sides discussed strengthening economic and financial partnership, expanding cooperation in priority areas and other issues of mutual interest.