In January-June, the total number of non-bank credit organizations (NBCO) increased by 6 units to 131.
As reported by the Central Bank, during the period, the number of branches of these institutions increased by 24 or 28% to 110. Most of all branches (29) are located in the Aran economic region.
In the descending order of density of the branches, Aran is followed by the following regions: Absheron - 21 (three more branches to the beginning of the year), Ganja-Gazakh - 20 (+4), Lankaran - 10 (+3), Sheki-Zagatala - 10 (+4), Guba-Khachmaz - 8 (3), Nagorno-Shirvan - 5 (1), Upper Karabakh - 5 (2), and Nakhchivan - 2 (0). There are no units in the Kalbadzhar-Lachin economic region.
Compared with the beginning of the year, the number of NBCO funded by international humanitarian organizations remained at 27. They accounted for 84.5 percent of the available branches.
During the reported period, four new credit unions acquired licenses, and their number reached 103. - 15B -
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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