International Exhibition "Made in BRICS & SCO" Kicks Off in Baku

The Central Bank of Azerbaijan (CBA) is set to launch an innovative program tomorrow, designed to accelerate the development of the fintech sector in the country. This initiative introduces a special regulatory sandbox that will allow developers and financial institutions to test new fintech products and services under real conditions, with oversight from the CBA.

The Kyrgyz-Azerbaijani Development Fund (KADF), established in 2022 with an initial capital of $25 million and recently increased to $100 million in April 2024, can make significant strides in enhancing the economic cooperation between Kyrgyzstan and Azerbaijan. The fund, aimed at promoting economic development and strengthening bilateral ties, has become a focal point for joint projects and business interests.

Azerbaijani Economy Minister Mikail Jabbarov is currently visiting Saudi Arabia, where he has engaged in significant discussions aimed at bolstering economic and energy collaboration between the two nations. On Sunday, Minister Jabbarov met with his counterpart, Saudi Arabia's Energy Minister Abdulaziz bin Salman Al Saud, as well as Amin Nasser, President and CEO of Saudi Aramco.

In the first quarter of 2024, Azerbaijan reported a significant drop in non-oil product exports, totaling $608 million, a sharp decline of $223 million from the $831 million recorded in the same period last year. The reduction has been attributed primarily to a drastic decrease in electricity exports, which fell from $281 million in the first three months of 2023 to just $40 million in the corresponding period this year.