Azerbaijan's Jabbarov appointed chair of the Islamic Development Bank Board of Governors

Azerbaijan’s Economy Minister Mikayil Jabbarov has been appointed chairman of the Board of Governors of the Islamic Development Bank (IsDB) Group, the country’s Economy Ministry said on Thursday.

The appointment was announced during the IsDB’s annual meeting in Algeria, where an official ceremony also marked the transfer to Azerbaijan of the right to host the 2026 Governors’ meeting in Baku.

Jabbarov said the decision reflected confidence in Azerbaijan’s role within the Islamic financial community and reaffirmed Baku’s commitment to multilateral cooperation.

“Hosting this prestigious event once again confirms Azerbaijan’s commitment to shared values and sustainable development,” he said in a statement.

According to the ministry, Azerbaijan has partnered with the IsDB on projects worth around $1 billion, including in energy, water supply, urban development and infrastructure. A key upcoming project involves the construction of an irrigation canal from the Qiz Qalasi reservoir in territories regained by Azerbaijan.

The 2026 meeting in Baku will include the 51st IsDB Board of Governors session, the 22nd General Assembly of the International Islamic Trade and Finance Corporation (ITFC), and meetings of the ICIEC, ICD, and the Islamic Solidarity Fund for Development (ISFD).

A memorandum of understanding outlining Azerbaijan’s guarantees for hosting the 2026 Annual Meeting was signed during the event.

Founded in 1973 and based in Jeddah, Saudi Arabia, the IsDB Group includes 57 member states. Azerbaijan joined in 1992.