On 28 September the Ministry of Economic Development hosted the signing of the Charter of the Trade and Development Bank (ECOBank) of the Economic Cooperation Organization (ECO).
The press service of the Ministry of Economic Development told Turan that Azerbaijan takes 3% of the share capital of ECO Bank. It will cost the state budget 9.97 million SDR.
Membership in ECO Bank will open new opportunities to finance private sector projects, as well as the expansion of trade and economic relations with the member countries ECO, said the ministry
ECO Bank has been in force since 2008. Its existing shareholders are Turkey, Iran and Pakistan. The authorized capital exceeds $ 1.5 billion. Afghanistan has also recently signed the charter of ECO Bank.
ECO was established in 1985. It consists of 10 Muslim countries.
Special Drawing Rights (SDR) is an artificial back and tender issued by the International Monetary Fund (IMF). It has only non-cash form as entries in bank accounts. Bills were not issued. - 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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