The National Depository Center has signed two contracts with a new company from Hong Kong, Mitchell Contracts Limited for about $ 100,000 (81,000 manat).
The company, established in December of last year will be specialized in IT support to NDC to improve its discounts, as well as create a system of conducting an official register of all types of collateral securities. Pledge of securities in Azerbaijan is not popular in Azerbaijan: five months of this year recorded only 5 mortgage securities transactions.
In addition, since the beginning of the year the NDC signed several contracts with Air Gold Company Inc and White Road Networks Ltd for the purchase of consulting services to mobilize expertise and technical support in excess of 100,000 manat. Similar purchases were made in previous years.
Audit of the financial activities of the central depository of Azerbaijan in 2011-2013 carried out independent auditor Namik Abbasli. In the period 2011-2012 these services cost about 14 thousand manats. This year the NDC increased fee auditor during the 2013-2014 year to 17,000 manat.
Financial and technical support to improve the depositary and automation of trade and settlement operations provided the European Union, and other institutions. Currently under the World Bank the project "Modernization of the capital market" is realized, also providing for improvement of this system. - 08D -
Economics
-
The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
-
Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
-
The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
-
In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
Leave a review