The Azerbaijani government has formally submitted an intention to become one of the founding members of the Asian Infrastructure Development Bank.
As reported today the Ministry of Finance, on behalf of the government the document was sent to the Chinese Ministry of Finance on March 31. China is the initiator of the idea of creating this fund.
The Finance Ministry says that Azerbaijan is interested in creating a new financial institution that will meet the growing needs of the Asian region in the development of infrastructure.
Note that Azerbaijan attracts preferential loans for the rehabilitation and development of infrastructure from the World Bank, Islamic Development Bank, Asian Development Bank, the Japan Bank for International Cooperation and other international financial institutions, as well as commercial loans from Czech Eximbank, BNP Paribas, etc. ---08D
Economics
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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