President Ilham Aliyev instructed the Financial Stability Council to approve and enforce the monetary program for 2017, as well as the plan of measures to ensure macroeconomic and financial stability in 2017 and the medium term.
The Council is instructed to expedite the implementation of measures to improve the health of OJSC International Bank of Azerbaijan.
On 15 July 2015 a decree was signed "On measures of improvement in relation to the preparation for the privatization of state-owned shares in the Open Joint Stock Company International Bank of Azerbaijan. For the purposes of this decree the State Joint-Stock Company Non-bank Credit Organization Agrarkredit was transferred bad assets of IBA worth over 5.6 billion manat. Instead, IBA received the same amount of money from the state budget and through the placement of bonds in the Central Bank.
* The Financial Stability Council was established on July 15 of this year. -----08D
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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