The Ministry of Finance proceeds to the placement of government bonds of interest with a maturity period of two years.
The interest rate on government bonds is 15%. Prior to that, from 2016 the government has allocated only T-bills with maturity not exceeding 364 days. At the same time these securities were sold at a discount price.
The first package of bonds totaling 10 million AZN will be put up for auction at the Baku Stock Exchange on February 28.
BSE told Turan the payment of interest on the bonds will be carried out once in six months.
In total this year, the Ministry of Finance plans to place bonds with a maturity period of 728 days for a total amount of 100 million AZN.
The main investors in T-bills are commercial banks, which are experiencing problems with the placement of available funds.
It should be noted that the Central Bank attracts deposits also roughly at the same interest rate. ----08D
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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