The Baku Court of Appeal dismissed the appeal of the owner of Para Bank, whose license was annulled by the Financial Markets Supervision House (FMSH). The bank's license was canceled by the decision of the Board of Directors of FMSH on 21 July 2016.
FMSH appealed to Baku Administrative Economic Court to force the closure of the bank, and the demand was satisfied.
Vafa Habibzadeh, who is the owner of the bank, appealed to the Appeal Court for the annulment of the Administrative Economic Court’s verdict. ----71D
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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