The Asian Development Bank plans to issue a bond in Azerbaijan. This was stated by the Bank’s Chairman Pierre Van Peteghem in Baku on May 6 during his meeting with the Chairman of the State Securities Committee, Rufat Aslanli.
According to the ADB, the Bank is closely monitoring the trend of socio-economic development in Azerbaijan and intends to contribute to the development of the securities market through the issuance and placement of bonds in the local market. To implement this initiative, the bank will cooperate with the relevant government agencies.
During the meeting, the sides discussed the participation in investing in securities of ADB from local and foreign investors, including pension funds, insurance companies, and financial institutions.
The scope and timing of the issuance and placement of bonds are not reported.
Note that in 2014, the corporate bond market in Azerbaijan tripled and amounted to about 3.5 billion manat. They are placed in the range of 3-14% per annum. -----08D
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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