The past year proved unprofitable for the Central Bank of Azerbaijan. According to the financial statements published on the website of CBA, the operating loss of CBA by January 1 of this year amounted to 245 million 307 thousand manat (in 2013 an operating income of 315 million 136 thousand manat was recorded).
Net loss for the CBA last year amounted to 308 million 734 thousand manat (2013 - net profit of 280 million 573 thousand manat). By January 1, the negative amount of capital was 57 million 743 thousand (against a positive value of 250 million 991 thousand manat a year earlier).
The total assets of the financial regulator grew (+ 2.6%) up to 15 billion 726 million 698 thousand manat. Of these, cash was 5 billion 144 million 849 thousand manat (minus 38.6%), investment securities - 3 billion 600 million 246 thousand manat (an increase of 3 times), and investments in trading securities - 2 billion 939 million 638 thousand manat (+ 52.3%). --17D-
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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