President Ilham Aliyev allocated AZN 6 million for self-employment. Due to the economic crisis, the unemployment rate in Azerbaijan is growing and the government is taking certain measures to promote employment.
These funds are allocated to the Ministry of Labor and Social Protection of Population of Azerbaijan from the President's Reserve Fund in the state budget. The President’s order made no mention of a specific project under this funding. According to official data, during the last 4 months about 40 thousand people lost their jobs.
The interlocutor at the Ministry of Labor and Social Protection of Population told Turan that in each of the 68 areas 20 able-bodied families will be selected and will be provided 4 thousand manat each. With these funds, they will create a small business. Part of the funds allocated from the state budget will be allocated to the insurance of the business property of these families. Experts specially trained with the support of the International Labor Organization will assist these families to start a business.
In Azerbaijan social assistance is received by more than 120 thousand families. According to the analysis of their composition, 55% of them can ensure their employment with certain financial assistance. --08D
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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