4.7 billion reasons for optimism: what lies behind Baku's historic agreements with the Islamic Development Bank

On June 18, the opening ceremony of the Islamic Development Bank (IsDB) Group Annual Meetings for 2026 was held in Baku. President of Azerbaijan Ilham Aliyev participated in the event.

At the event, the head of the Azerbaijani state focused attention on the country's stable economic development, the full restoration of its sovereignty, large-scale infrastructure investments, and Azerbaijan's transformation into a global transport and energy hub.

Azerbaijan is hosting the annual meeting for the second time, which is a clear testament to the close ties between Baku and the IsDB, the level of cooperation, and the scope of joint activities, writes the newspaper "Caspian".

The Main Factor of Development

In his speech, the President emphasized that Azerbaijan demonstrates sustainable development based on national interests, and the share of the non-oil sector in the country's GDP has already exceeded 70%. As he stated, "stability — political, economic, social stability, which is today's reality of Azerbaijan — represents not only the main factor of our development but also a factor of regional development." And thanks to strong ties, Azerbaijan has already become an important player in many spheres at the regional level, as well as on the global stage.

Speaking about the growing number of allies, he emphasized that it is precisely thanks to its independent foreign policy that Azerbaijan has gained powerful support on the global stage, and the circle of its friends is expanding every year. "The support of the international community was clearly demonstrated at very telling moments when our candidacy was included in the list of candidates for various international bodies and received overwhelming support," he stated, referring to the support of 155 countries during the UN Security Council vote. The same was the case when our country was a candidate for the chairmanship of the Non-Aligned Movement and was elected unanimously.

Leadership in Everything

Azerbaijan is actively transforming from a landlocked state without direct ocean access into a key Eurasian transport hub, with enormous funds being invested in cross-border infrastructure.

Today, it is difficult to overestimate the role of the East-West and North-South corridors passing through Azerbaijan's territory, as they create a unified coordinated transport artery for many countries.

As for energy, Azerbaijan has strengthened its status as an important player on the global energy stage and ranks first in the geography of pipeline gas supplies. "Azerbaijan has become an important player on the global energy stage, initiating, financing, and implementing large-scale energy infrastructure projects that connect countries across Eurasia," Ilham Aliyev said in his speech, noting that energy security is becoming one of the main factors