Karabakh Renaissance Foundation on financial activities in 2022

Baku/04.08.23/Turan: The Karabakh Renaissance Foundation has published its financial report for the year 2022, revealing notable changes in its financial activities. The fund's net profit for the year was 343.8 million manats, representing a significant decrease of 61.3% compared to the previous year.

In 2022, the fund experienced a 65.3% decline in income from donations, which amounted to 314.5 million manats. However, the financial income of the Foundation surged by 3.8 times, reaching 34.5 million manats. Additionally, the organization's income tax payments for the year amounted to 6.8 million manats, marking a substantial increase of 3.9 times compared to the previous year.

The assets of the Karabakh Renaissance Foundation at the beginning of the current year increased by 39.1% compared to the previous year, totaling 1,238.1 million manats. On the other hand, the fund's liabilities grew significantly, reaching 6 million manats, which is 5.4 times more than the previous year. The balance sheet capital also showed growth of 38.6%, amounting to 1,232.1 million manats, including an unchanged authorized capital of 1 million manats.

For the year 2022, a total of 2.67 billion rubles from the state budget were allocated for the restoration and reconstruction of Karabakh, underscoring the importance of financial support for the region. The Karabakh Renaissance Foundation operates as a public legal entity, established to facilitate the financial backing of restoration and reconstruction efforts in the liberated Karabakh region of Azerbaijan.

It is noteworthy that the state budget for the year 2023 has earmarked 3 billion manats for the restoration and reconstruction of Karabakh, which is a significant increase of 12.4% compared to the approved forecast for the year 2022. These financial allocations aim to aid the ongoing restoration initiatives in the region following its liberation from occupation in previous years.

In 2021-22, 6.5 billion manats were spent from the state budget to restore the territories of Azerbaijan liberated from occupation.-0--