Ministry of Finance of Azerbaijan Becomes Co-founder of Asian Infrastructure Investments Bank
The Ministry of Finance of Azerbaijan has become the official founder of the Asian Infrastructure Investments Bank (AIIB). According to Chinese media, 50 countries signed an agreement in Beijing on this, and another 7 countries will sign the document before the end of this year.
This international financial institution is established in defiance of the Asian Development Bank, where the leading roles are played by the USA, Canada and Japan. Officially, the stated goal of AIIB is development of industrial infrastructure (energy, transport, telecommunications, agriculture, water, environment, etc.) in Asia.
The main engine of the new bank is China - the authorized capital of the bank ($ 50 billion) is half on the account of Beijing, and the venue of the inaugural conference speaks for itself. --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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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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