CEO’S FOREWORD
On the occasion of the 2026 Annual Meetings of the IsDB Group, Baku, Azerbaijan
It is my privilege to welcome you to this special issue, released as the Islamic Development Bank (IsDB) Group convenes its 2026 Annual Meetings in Baku. Few settings could suit our theme more naturally. Azerbaijan sits where the Caspian meets the Caucasus, a crossing point that has carried goods, capital, and ideas between East and West for centuries. What was once a function of geography is now a deliberate act of economic strategy, and the country finds itself anchoring one of the most consequential trade corridors on the global map. That corridor, the Trans-Caspian International Transport Route, or Middle Corridor, is redrawing how Central Asia connects to Europe and beyond. A region of more than 80 million people is moving from the periphery of global trade toward its centre.
Corridors of Opportunities, Built on Confidence
The theme of this issue, Corridors of Opportunities: From Azerbaijan to Central Asia, Enabling Bankable Delivery through Risk Mitigation, addresses the question that ultimately decides whether that promise is kept.
In these markets, the binding constraint is rarely ambition and increasingly rarely demand. It is bankability: the ability to structure a transaction so that its risks are understood, allocated, and absorbed, giving lenders and investors the confidence to commit capital. This is exactly where the mandate of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) sits. By covering political, credit, and commercial risks, we turn sound but difficult opportunities into transactions that reach financial close.
Since inception, ICIEC has insured USD 138.9 billion in trade and investment across its Member States, with Asia accounting for the largest share at USD 68.4 billion. Within that footprint, our Central Asian portfolio, concentrated in Kazakhstan, Uzbekistan, and Turkmenistan, has grown to some USD 14.8 billion in cumulative business insured. As the world’s only Shariah-compliant multilateral insurer and a member of the IsDB Group, ICIEC holds an S&P ‘AA−’ rating, affirmed with a stable outlook, alongside an Aa3 rating from Moody’s. This financial strength enables ICIEC to provide the confidence and capacity needed to help complex transactions move forward.
The pages that follow bring this work to life through the voices of those building these corridors. We begin with H.E. Mr. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and IsDB Group Governor for Azerbaijan, whose interview sets the strategic context for this special issue.
He reflects on Azerbaijan’s role as host of the 2026 Annual Meetings, its growing position as a bridge between Central Asia, the South Caucasus, Türkiye, Europe, and the wider Islamic world, and the country’s priorities in non-oil growth, industrial development, private-sector participation, renewable energy, and the reconstruction and reintegration of Garabagh and East Zangezur. His perspective also highlights the role that institutions such as ICIEC can play in de-risking strategic investments, mobilising private capital, and helping transform regional connectivity into bankable opportunities.
You will also hear from the Export Credit Agency of Kazakhstan on a reinsurance partnership now spanning 29 issuing banks; from Standard Chartered Bank on landmark financings that drew global capital into Uzbekistan’s industrial base; from Uzbek Steel on a project carrying the country further up the value chain; and from Agrobank on how ICIEC-supported Islamic financing helped mobilise international capital and expand access to Shariah-compliant funding in Uzbekistan.
You will also find a closer look at our host nation, Azerbaijan, a snapshot of the wider Central Asia region, and stories of impact from across our membership, from a coastal highway in Nigeria to food security in Egypt, green industry in Morocco, stadium development in Uganda, and digital transformation in Uzbekistan.
As we meet in Baku, I invite you to view these corridors not only as routes for trade, but as pathways towards a more connected, resilient, and inclusive future for our Member States.
I extend my sincere appreciation to our Member States and partners for their continued trust and collaboration. I wish all participants productive discussions, meaningful engagements, and rewarding Annual Meetings.
