The Deposit Guarantee Fund has compensated the depositors of 10 closed banks for 722 million 131 thousand manat. The specification is as follows: Para Bank – AZN 42 million 981 thousand (98.2% of the total amount of compensation), Zamin Bank – AZN 52 million 469 thousand (72.2%), Credo Bank – AZN 27 million 770 thousand (99.5%), Deka Bank – AZN 3 million 086 thousand (98.7%), Atra Bank – AZN 14 million 271 thousand (98.1%), Qafqaz Inkishaf Banki - AZN 1 million 974 thousand (94.4%), Bank of Azerbaijan – AZN 24 million 148 thousand (97%), Ganja Bank - AZN 976 thousand (94%), Tekhnika Bank – AZN 120 million 364 thousand (98.1%), and Bank Standard – AZN 434 million 092 thousand (98.4%). ----71D
Economics
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Azerbaijan's state oil company SOCAR announced plans on November 15 to issue green bonds in the Azerbaijani financial market to support environmentally sustainable projects.
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The State Oil Company of Azerbaijan Republic (SOCAR) on Friday signed a memorandum of understanding (MoU) with Masdar of the United Arab Emirates and ACWA Power of Saudi Arabia to develop a network of offshore wind farms with a total capacity of 3.5 gigawatts in the Azerbaijani sector of the Caspian Sea.
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Russian delegates at the COP 29 climate summit have reaffirmed their commitment to upholding the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Russian Federation stressed the importance of adhering to the principle of "common but differentiated responsibilities," arguing that developed nations must continue to honor their commitments to climate finance, while allowing developing countries to contribute on a voluntary basis.
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The world faces a shortfall of up to $87 billion annually for climate adaptation efforts by 2030, according to Lord Livermore, Financial Secretary to the UK Treasury. Speaking at the panel discussion titled "Mobilizing for Climate Action: Countries, Multilateral Financial Organizations, and the Private Sector Implementing the Paris Agreement," Livermore highlighted the urgent need for increased investment in adaptation measures.
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