﷽

والصَلاةُ والسلامُ على أفضل الأنبيـاءِ والمرسـلينْ، سيدِنا ونبينا مُحمدٍ، وعَلى آلِهِ وصَحْبهِ أجْمَعِين، ومَن تَبِعَهُم بإحْسَان إلَى يوم الدِّين

 

Excellency Mr. Ilham Aliyev, President of the Republic of Azerbaijan,

Excellency Mr. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, Chairman of the Board of Governors,

Excellencies, Governors and Alternate Governors,

Honorable Executive Directors,

Distinguished delegates,

Ladies and gentlemen,

السلام عليكم ورحمة الله وبركاته

1. It is an honor to welcome you to this magnificent city of Baku for the 2026 Annual Meetings of the Islamic Development Bank Group.
2. Allow me, at the outset, to express our deepest gratitude to His Excellency, President Ilham Aliyev, and the Government and people of Azerbaijan for the exceptional hospitality and excellent preparations.
3. It is particularly opportune that our gathering coincides with Azerbaijan’s National Salvation Day — a defining milestone that ushered in a new chapter of stability, resilience, and renewal.
4. From the ancient Silk Road to today’s Middle Corridor, this land has, for centuries, linked East and West, North and South, transforming geography into shared opportunity.
5. Yet Azerbaijan’s story is not only one of connectivity; it is also a story of resilience and renewal.

Allow me, in this regard, to share a brief reflection from my recent visit to Shusha—the jewel of Garabagh.

Its enduring legacy is embodied in figures such as the poet and benefactor Khurshidbanu Natavan, a timeless symbol of cultural resilience and compassion.

6. I was moved by the words of the People's Poet Mammad Araz:

Come on, rise up now, Azerbaijan, I am with you!

We can divide everything, except you!

7. These words capture the spirit of a nation that has never relinquished hope — and it is that same spirit that defines our partnership with Azerbaijan.
8. We are proud to be the first multilateral development bank to visit liberated Garabagh, reaffirming our commitment to Azerbaijan’s reconstruction and development.
9. And since Azerbaijan joined the Bank in 1992, our cooperation has flourished, with the Islamic Development Bank Group approving approximately US$1.8 billion for 84 projects in infrastructure, energy, agriculture, and social services.
10. Projects like the Baku-Tbilisi-Kars Railway and the Alat Free Economic Zone are not isolated national projects; they are regional arteries of trade that perfectly embody our Annual Meetings theme, “Regional Integration for Sustainable Prosperity.”

 

Excellency, Mr. President,

Ladies and gentlemen,

11. Our ambitions for regional integration and shared prosperity are unfolding in a global environment tested by inflation, conflicts, and supply chain disruptions.
12. Despite broader global resilience, the economic outlook remains fragile. While growth in our member countries is projected to outpace global and emerging-market averages, this aggregate performance masks a harsher reality: our most vulnerable economies still face a difficult road ahead. 
13. It is in this challenging context that the Islamic Development Bank Group has stepped up its response. In 2025, total financing approvals increased by 20% to nearly US$16 billion, bringing cumulative approvals since inception to US$209 billion.

But commitments alone are not enough; impact depends on delivery. We therefore also strengthened execution, increasing disbursements to US$11 billion, compared to US$9.2 billion in 2024.

14. At the Islamic Development Bank, the US$5.7 billion in approvals targeted priority sectors, with 46% for transport and connectivity, 20% for water and urban services, and 16% for health financing. Our Group affiliates further amplified this momentum:

• The International Islamic Trade Finance Corporation provided US$9.3 billion in trade finance;
• The Islamic Corporation for the Development of the Private Sector approved US$556 million in support for the private sector;
• And the Islamic Corporation for the Insurance of Investment and Export Credit prompted US$17.8 billion in insured business.

15. This scale of delivery is anchored in financial discipline. Despite global turbulence, we have maintained our AAA credit rating and issued US$5 billion of Sukuk in 2025.

 

Excellency, Mr. President,

Ladies and gentlemen,

16. Five years ago, when our member countries entrusted me with the leadership of this great institution, I pledged a renewed Islamic Development Bank Group — one that would be more responsive, more impactful, and closer to the people we serve.
17. That pledge was made in the shadow of the COVID-19 pandemic, a crisis soon compounded by the war in Eastern Europe and its repercussions on food security across our member countries.
18. Faced with these challenges, we chose action over caution. We scaled up our operations because the communities we serve could not afford delays.
19. The results speak for themselves. We have more than doubled our annual Group approvals – from US$6.8 billion in 2020 to nearly US$16 billion in 2025 – while accelerating disbursements from US$7.1 billion to US$11 billion.
20. Yet, as you know, development is not measured solely by the billions of dollars invested. Its truest measure lies in the lives transformed and the hope rekindled.
21. It is the village chief in Cameroon whose day-long journey now takes just one hour.

It is the newborn in rural Uganda who now has a greater chance of survival.

It is the 8.5 million people living in urban villages in Indonesia who now enjoy safer and more dignified living conditions.

And it is Ani Badriyah, a community leader in one of those villages, thanking God for moving towards a better life.

22. From Jakarta to Dakar, from Almaty to Abidjan, and from Dushanbe to Georgetown and Paramaribo, I have seen how IsDB projects—whether small social initiatives or transformational infrastructure programs—are improving lives and expanding opportunities for millions.
23. Bearing witness to this impact has been one of the most humbling experiences of my life.

It has transformed me from a central banker, focused primarily on macroeconomic indicators and monetary policy in my country, into a development banker, confronting daily the immense hardships and the extraordinary potential of our 57 member countries.

 

Excellency, Mr. President,

Ladies and gentlemen,

24. Over the past five years, my colleagues and I have worked tirelessly to enhance the relevance of the IsDB Group to our member countries, reinforce institutional governance, and safeguard the Group’s long-term sustainability.
25. Alhamdulillah, we realigned the previous strategy, revitalized our partnerships, and strengthened the position of the Islamic Development Bank Group among the world’s leading multilateral development banks.
26. We also launched a Ten-Year Strategic Framework for the period 2026-2035, anchored in originality, solidarity, and intergenerational prosperity.
27. That long-term vision is now being translated into concrete action through the new Five-Year Corporate Strategies for the Bank as well as for the Group affiliates.
28. These strategies set an ambitious course for the years 2026-2030.

Insha’Allah, their implementation will begin as soon as we conclude these Meetings.

29. At the same time, we have achieved a historic milestone: the IsDB Concessional Fund, which is already operational and supporting a new generation of high-impact projects and helping vulnerable countries address pressing development challenges.
30. I wish to express my sincere appreciation to the member countries that have already contributed to this important initiative. Their support reflects the very spirit of solidarity that defines our institution.
31. As we move forward, we count on your continued support and generous contributions to strengthen the Fund and ensure that no member country is left behind.

 

Excellency Mr. President,

Ladies and gentlemen,

32. I am grateful to the Kingdom of Saudi Arabia for nominating me to lead this institution for a second term, and to the esteemed Governors for their endorsement and continued trust.
33. This renewed confidence further strengthens our determination to advance the Islamic Development Bank Group.
34. As always, our approach will be guided by nationally-led solutions, with investments aligned with the priorities and development aspirations of our member countries.

Our direction is clear: deliver at scale, deliver with excellence, and deliver as one unified Group.

35. But no institution, no matter how strong its vision or strategy, can deliver meaningful impact without the dedication of the people who carry its mission forward every day. I express my deepest gratitude to the Management and staff of the IsDB Group for their dedication and professionalism.
36. I also thank all our Governors, Executive Directors, and partners across the Arab Coordination Group and the wider multilateral development bank community.
37. Special thanks to the Annual Meetings organizing team for their tireless efforts, and to the distinguished delegates for their commitment to our shared objectives.
38. I must reiterate my profound appreciation to His Excellency President Ilham Aliyev for his kind patronage of our Meetings, and to the government and people of Azerbaijan for their gracious hospitality and warm welcome.

 

Excellency Mr. President,

Ladies and gentlemen,

39. In a world marked by uncertainty, fragmentation, and rising vulnerabilities, solidarity is no longer a choice; it is an imperative.
40. The Holy Qur’an commands us:

“وَتَعَاوَنُوا عَلَى الْبِرِّ وَالتَّقْوَى” which translates to (cooperate in goodness and righteousness).

41. This timeless principle lies at the heart of our mission. It reminds us that prosperity is a sacred trust — a privilege that must be shared and transformed into dignity, opportunity, and hope for all.
42. But we cannot speak of prosperity without recognizing the profound humanitarian crises affecting several parts of our membership, where innocent civilians continue to endure immense suffering, loss, displacement, and uncertainty.
43. These realities remind us that solidarity cannot remain a principle confined to declarations or speeches.

It must be translated into collective action, shared responsibility, and meaningful support for those facing fragility and hardship.

44. Let us leave Baku knowing that —through our collective efforts— a child will access education, a mother will deliver safely, a farmer will secure a better livelihood, and a vulnerable community will look to the future with greater hope and confidence.

                                                         "وقُلِ اعمَلُوا فَسَيَرى اللهُ عملَكُم ورسُولُه والمُؤمِنُون"

                                                                            صدق اللهُ العظيم

                                                                             Thank you.