After the February devaluation, the total volume of foreign liabilities of Azerbaijani banks increased by July 1. According to the Central Bank of Republic of Azerbaijan (CBA), by the end of the first half of the year this figure amounted to 6 billion 629.1 million manats (+33% to 1 January). Only in June, there was a decline of 5.06%, or 353 million.
Total foreign assets of the banks by July 1 were at 4 billion 386 600 000 manats (+ 39.1% to 1 January) and minus 6.1% in June. Other positions were for deposits and securities of non-residents. --17D-
Economics
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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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At the COP29 event titled "Climate Finance Landscape in the South Caucasus and Central Asia" held on November 14, Roland Price, Regional Director of the World Bank for the South Caucasus, highlighted the substantial economic and environmental damage faced by the countries of the South Caucasus, which she estimated at around $100 million annually.
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SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has signed a series of agreements at the COP29 summit aimed at bolstering the development of renewable energy sources, enhancing energy efficiency, and promoting sustainable growth in Azerbaijan.
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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