Access Bank increased its authorized capital up to 119.85 million manat through the purchase of 8.2 million new shares by the bank’s shareholders for the amount of 34.85 million manat, the bank said.
Repurchase of the shares was carried out by the acting shareholders on a pro rata basis. Thus, the shares of each of them in the authorized capital of the bank remained unchanged. The process of issue of shares and registration was successfully completed on March 29.
Shareholders of Access Bank are the Black Sea Trade and Development Bank (20%), the European Bank for Reconstruction and Development (20%), the International Finance Corporation (20%), KfW - Kreditanstalt für Wiederaufbau (20%), Access Microfinance Holding AG (16.53%), and LFS Financial Systems GmbH (3.47%). --71D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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