IIC has become a corporate member of the Association of Risk Professionals
International Insurance Company (IIC) has become another corporate member of the Association of Risk Professionals of Azerbaijan (ARPA).
As Turan was told by the spokesman of the Association Nigar Darabadi, one of the important tasks of ARPA at this stage is the creation of a network of professionals in this field.
"It starts with a broad program to involve individual members in ARPA, to be useful directly by the experts, rather than corporations. In the framework of Online Association (www.arpa.az) there is open online-registration, where practically anyone can become a member and enjoy the products of ARPA. In this case, each member is entitled to vote at the General Assembly of ARPA," the expert believes.
On July 23 the Association held this year's first meeting in connection with the transition to the new format of the members.
Until today, ARPA has had 29 corporate and 700 independent members. A number of other organizations are in the process of entering the ranks of the association and reach agreements. -17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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