Belarus and Azerbaijan Sign Cooperation Agreements Following Prime Ministers' Talks

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.

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.

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).

Despite regional economies showing signs of recovery, Azerbaijan's economic performance continues to lag behind both its neighbors in Europe and Central Asia, as well as the average growth rates of developing countries globally. Recent data from the United Nations Department of Economic and Social Affairs (UNDESA) underscores a sharp divergence between Azerbaijan’s projected economic trajectory and that of comparable countries, noted economist Gubad Ibadoglu.