Agricultural Insurance to Be Moved from "Dead Spot"
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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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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