High world prices for hydrocarbons are favorable for growth of SOFAR assets

Buildings in Azerbaijan consume 33.5% of the nation’s total energy, surpassing the global average of 30%, according to a report presented by the World Bank at the second annual reporting meeting of the Flexible Technical Assistance Tool for Azerbaijan (AZTAF). This inefficient energy usage is largely due to outdated heating systems and the prevalence of non-standard individual heating solutions, particularly in older Soviet-era buildings.

The Milli Majlis, Azerbaijan's parliament, has given the nod to the draft law "On the Execution of the State Budget of the Republic of Azerbaijan for 2023" in its initial reading during the parliamentary session held on May 31.

Today marks the commencement of the inaugural conference of the Young Agro-Entrepreneurs project in Azerbaijan, a pioneering initiative aimed at revitalizing the agricultural sector through innovation and entrepreneurship. Supported by the United Kingdom's Department of Foreign Affairs, Commonwealth Affairs and Development (FCDO), this event signals the beginning of a transformative journey set to reshape agriculture in the region.

The Central Bank of Azerbaijan (CBA) has approved significant additions and amendments to its regulations, mandating life insurance for borrowers of consumer loans in case of death or disability. This decision is part of a broader initiative to enhance credit risk management in banks and improve borrower protection.