Baku Administrative Economic Court №1 officially recognized the bankruptcy of «Evrobank», announcing the beginning of the procedure , and appointed a liquidator - OOO «Azerbaijan International Consulting Company».
The report of this authorized structure reads that the , Evrobank did not fulfill the requirements of the Central Bank imposed a minimum level of total capital of $50 million manat. Last May, the leadership of the now ex-credit organizations was given instruction on the market capitalization, and gave a time to address the shortcomings in the work, but the Evrobank failed to fulfill them. That is why the Central Bank finally decided to cancel the license of the bank.
The JSC «Evrobank» (reorganized Azinvestbank), operated from December 1992, had one branch, 11 million manat authorized capital and 40 million manat of loan portfolio; it worked primarily with corporate clients. --17D—
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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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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