The government could not cope with the schedule of the privatization of state shares in the Joint Stock Company "International Bank of Azerbaijan", has the third country's banking assets.
In December 2011, it was officially reported that the consulting consortium finalized the first preparatory stage of the project of privatization of the state share in the authorized capital of IBA. The second phase involved the final preparation of the necessary documentation for the privatization of the bank and the final determination of the list of potential buyers. The same stage, which was completed in mid-2012, includes clearance sale stake privatized bank.
The State Committee on Property left without comment the situation surrounding the privatization of the bank.
It is noteworthy that the privatization of the IBA has coincided with the placement of additional issue in the amount of AZN 100 million and bringing the capital to 340 million manat. The Ministry of Finance has paid the government stake in the issue (50.2%). However, since the issue (June 2012) Other shareholders (about 1800 local and foreign legal entities and individuals) refrain from buying at par them to have shares. The fact is that the market value of shares of IBA is today in the range of 19-20 gepiks at par value of 24 gepiks.
They have not yet made public the independent audit opinion on the consolidated balance sheet of IBA in 2011. The auditor's report on the balance sheet of the bank for 2010 was posted on the IBA in August last year.
The consortium of consultants to privatize IBA includes LLC PricewaterhouseCoopers Audit Azerbaijan, Rothschild & CIE and the law firm Salans UK Limited. -08 -
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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