Africa is the biggest winner from the Islamic Development Bank meetings.

Written by: Mohammed Omran

The fifty-first annual meetings of the group reflected Islamic Development BankThe conference, hosted by the Azerbaijani capital Baku, represents a clear shift in development financing priorities for the next phase, with the African continent topping the list of beneficiaries of the new agreements and initiatives.

Signing 67 agreements worth $6 billion and launching a strategy

Over four days of high-level discussions, the meetings resulted in the signing of dozens of agreements worth billions of dollars, and the launch of the group’s new strategic framework for the period 2026-2035, in a move aimed at strengthening regional integration and supporting sustainable development projects, food security and energy in member states.

The 51st Annual Meetings of the Islamic Development Bank Group concluded in the Azerbaijani capital, Baku, after four days of intensive talks that resulted in the signing of 67 agreements with a total value of $6 billion, along with the launch of a new strategic framework for the period from 2026 to 2035, which placed several African countries at the forefront of the institution’s priorities during the next decade.

Africa is the biggest winner from the Islamic Development Bank meetings.

The meetings were held from June 16 to 19, 2026, under the theme «Regional Integration for Sustainable Prosperity», under the patronage of Azerbaijani President Ilham Aliyev, and with the participation of more than 4,400 people from 78 countries, including heads of state, finance ministers, central bank governors and representatives of 46 international organizations.

The events included 32 high-level meetings and knowledge-sharing sessions that addressed issues of trade, energy, food security, digital transformation and regional connectivity.

In his closing remarks, the President of the Islamic Development Bank Group, Mohammed Al-Jasser, announced the signing of 67 agreements with a total value of up to $6 billion with 10 member countries, a number of regional institutions, and private sector companies.

He also revealed the approval of new funding worth $2.8 billion to implement nine development projects aimed at strengthening regional connectivity, energy security, food systems and climate change resilience, as well as supporting the Sustainable Development Goals in member states.

Al-Jasser said: «We are leaving Baku with much more than just agreements on paper, but with solid partnerships, clearer priorities, and a renewed sense of shared responsibility.».

For his part, Azerbaijani Economy Minister Mikayil Jabbarov explained that the total value of the announced agreements mainly reflects the projects that were signed during the Private Sector Forum, noting that most of them focus on private sector development.

He also announced the signing of separate agreements between Azerbaijan and the Islamic Development Bank, including a $436 million financing agreement for the rehabilitation of the Karabakh irrigation canal.

During the opening session, Al-Jasser reviewed the group’s key performance indicators, explaining that financing approvals increased by 20% during 2025 to reach about $16 billion, while payments amounted to $11 billion compared to $9.2 billion in 2024. The total financing approved since the bank’s establishment in 1974 reached about $209 billion.

For his part, Azerbaijani President Ilham Aliyev stressed that the success of the meetings should be reflected in the lives of citizens, saying: «Let us leave Baku confident that our collective efforts will contribute to the education of a child, ensure a safe birth for a mother, improve the livelihoods of farmers, and give the most vulnerable communities greater hope for the future.».

Africa is at the forefront of attention

Sub-Saharan African countries emerged as the biggest beneficiaries of the new commitments announced in Baku, with Burkina Faso signing a $1 billion framework agreement with the International Islamic Trade Finance Corporation (ITFC) for the period 2026-2030.

The agreement aims to support five strategic sectors, including energy security, food security, health, strategic agricultural products, and private sector development through local financial institutions.

The agreement was signed by the Minister of Economy, Finance and Planning of Burkina Faso, Dr. Aboubacar Nakanabo, and the CEO of the International Islamic Trade Finance Corporation, Eng. Adeeb Yousef Al-Amma.

The meetings also witnessed another significant development for Burkina Faso, as Dr. Abu Bakr Nakanabo was elected Chairman of the Board of Governors of the Islamic Development Bank for a one-year term, giving his country the presidency of the highest decision-making body within the institution.

Other African countries have also signed similar agreements with the International Islamic Trade Finance Corporation, including Côte d'Ivoire and Djibouti, each for $750 million for the period from 2026 to 2029, as well as an agreement with Gambia for $250 million.

The institution announced that during the meetings it concluded agreements with a total value of $2.9 billion, which also included trade finance lines for partner banks in Uzbekistan and Azerbaijan.

As part of supporting fragile states, a new $45 million cooperation program with Somalia was launched for the period 2026-2028, focusing on infrastructure development, enhancing food security and human capital development.

Humanitarian support and strong institutional performance

Humanitarian aspects were also on the agenda of the meetings, as a memorandum of understanding was signed with the Islamic Relief USA within the «Tripartite Support Mechanism» dedicated to supporting countries affected by conflicts and disasters.

It is expected that some 375,000 people in Sudan will benefit from a joint $7 million humanitarian aid program, funded by the Islamic Development Bank and Islamic Relief USA.

At the level of the group’s affiliated institutions, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) announced the provision of insurance coverage worth $17.7 billion during the fiscal year 2025, supporting more than 6,000 small and medium enterprises and contributing to the provision of approximately 90,000 job opportunities.

The Islamic Corporation for the Development of the Private Sector (ICD) also approved $555 million in financing, benefiting 2,381 companies.