The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development signed an agreement with PricewaterhouseCoopers Audit Azerbaijan LLC for the audit of its activities in 2014. The company becomes the third consecutive NFES auditor.
The cost of the contract is 23 million manat, which is 20 % less than in the previous year. An audit of the fund for the fiscal year 2012 cost about 38,940 manat.
According to the financial report, at the beginning of 2013 lending rose from 446.3 million to 542.8 million manat. Of these, 527 million manat was allocated in the form of loans.
In 2011, operating and other expenses of NFES were 536,000 manats. In 2012, these expenditures reached 583 thousand manats (+8.7 %).
International audit of the financial activity of NFES has been done over the past five years. - 08B-
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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