The Cabinet amended the rules of the financial statements of commercial organizations. Under the new requirements, the information on the approval of the financial statements of investment funds and their management companies shall be provided to the Financial Markets Control House (FMCH).
Once a year, until March 31, the Taxes Ministry should provide FMCH a list of investment funds operating in Azerbaijan and their management companies. The financial statements of other companies are controlled by the Ministry of Finance.
Note that the second law of Azerbaijan On Investment Funds has been valid since 2011. There is no single investment fund yet. Experts point out that the law meets the most stringent requirements and, perhaps, for this reason it does not meet the realities of Azerbaijan's economy and financial markets. ---08D
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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