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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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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