Russian financiers are going to actively develop the banking sector of Azerbaijan.
As said at today's press conference the Russian Trade Representative in Azerbaijan Yuri Shchedrin, the number of local banks due to the decision of the Central Bank of Azerbaijan to increase the share capital up to AZN 50 million will decrease to 12-15 after 1 January 2014. Their place in view of developing the local economy will be possibly taken by wealthy foreign financial institutions, including Russian ones.
Today Azerbaijani credit institution Agrocredit and the Russian bank Rosselkhozbank have come to an agreement on the mutual fund-raising and financial participation. In the recent past, Sberbank of Russia was actively interested in the local business environment, now these plans are again relevant.
Now Azerbaijan has two Russian banks - Bank Nikoil and VTB. - 17D-
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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