Azerbaijan Insurers Association (AIA) is hoping to break the "deadlock" of agricultural insurance. However, it expects the support of international organizations.
Reporters were told by the head of the organization Orkhan Bayramov that the concept of technical assistance for the training of experts to assess the insurance risk in this area is ready. Support to local experts will come from the International Finance Corporation (IFC), which could attract foreign experts for training. A business meeting was held on the matter and it decided to sign an agreement on technical assistance soon. The work could begin as early as September.
Azerbaijan has been a member of the International Finance Corporation since 1995. During this time IFC allocated $ 414 million to fund 73 local projects. --17D-
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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