There has been revealed another example of ineligible expenditure of funds granted through the National Fund for Entrepreneurship Support. The management of DemirBank “opened the eyes” after the theft of almost 11 million AZN provided by NFES under the Ministry of Economy and Industry of Azerbaijan.
According to the official information of the Office for Combating Corruption acting under the Attorney General, at the request of DemirBank an investigation into the crime has been launched.
“The subject of the investigation is misappropriation of 10,666,600 manat, which in 2006-2010 was provided to the bank by the Fund for concessional lending business projects of individuals and entities,” the statement reads.
The criminal case was filed under articles 179.3.2 (embezzlement on a large scale), 195.2 (illegal access to credit or its diversion), 308.2 (abuse of power with serious consequences). The investigation continues. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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