Yesterday in Beijing, IV meeting of the founders of Asian Infrastructure Investment Bank was held.
According to the Ministry of Finance of Azerbaijan, in the meeting it was also represented, just as there were 55 of the 57 founders of the new Asian financial structure.
Perhaps the bank will be able to start operations before the end of the year, as the founders have reached a consensus on the draft statute of AIIB. In this regard, it is planned to complete the signing of founding documents in June.
The authorized capital of the bank is declared in the amount of $ 100 billion. At the first stage the founders will have to pay half the money. Half of the funds will belong to China. Recall that "power" in the competing Asian Development Bank is owned by the United States and Japan (40% of the share capital), and 20% is owned by Australia, Germany, Britain, Canada and New Zealand.
Though Azerbaijan is among the founders of the new bank, its share in the capital has not been determined. --17D-
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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