BAKU/04.12.13/TURAN : Next year Azerbaijan will allocate maintenance of the main external debt of almost half a million ( 492 million 647.7 thousand ) manats . This is 2.2% more than forecast in 2013 .
In the State budget for next year total cost of external debt service provided at the level of 697 million 229.6 thousand manats ( this year - 647 million 229.6 thousand manats) .
The following year, only the cost of the service principal amount to 492 million 647.7 thousand manats and interest payments - 204 million 581.9 thousand manats.
The share of service costs principal amount of 70.7 % , interest on external debt will be 29.3% (this year - 74.5% and 25.5 %, respectively) .
By the second half of this year, direct and guaranteed external debt of Azerbaijan is $ 5 billion 527.3 million manat - 7.9 % of GDP. - 17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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