The Financial Market Control House (FMCH) of Azerbaijan has become the Transitional Administrator in JSC Bank Standard. According to today's press conference of the FMCH head Rufat Aslanli, the decision was made by the Board of Directors due to the deterioration of the assets and the bank's liquidity and the fact that the bank’s shareholders do not have the resources and leverage to exit from the situation.
According to Aslanli, the interim measures are introduced for a period of 3 months - for the period of the program on financial rehabilitation of the bank. For this purpose the Central Bank of Azerbaijan has allocated a loan in the amount of 15 million manat for six months. The amount of government support for the bank will be determined in a month.
The head of FMCH informed about another measure – by the decision of the court, payments on deposits will not be made until June 3.
In addition to the mentioned bank, there are no "candidates" for interim administration, as Aslanli reassured the public and other banks. He said FMCH controls the situation and conducts stress tests in all financial and credit institutions. --17D-
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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