The Central Bank of Azerbaijan has abolished the license of Azerbaijan Credit Bank.
CBA said on July 15 that the license was liquidated by Decision No 27 of the Board of the Central Bank due to the failure to comply with the requirements for the minimum amount of authorized capital (50 million AZN) and the inability to meet its obligations to creditors.
The decision comes into force on 16 July this year.
CBA notes that there are no threats to the population's deposits in Azerbaijan Credit Bank. And for their return, the bank has the necessary liquidity.
At the moment, the depositors' funds are being returned. -0-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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