The Deposit Insurance Fund (CAF) of Azerbaijan collected in the second quarter of 2012 calendar fees in the amount of 1.871 million manat, $ 1.641 million and 177 thousand euros from 43 of its members.
As reported in the fund, the total amount of its insurance reserves reached 48.3 million manat.
As of July 1, individuals had bank savings equivalent to 4,319 million manat. Of these, 1,650 million or 38.2% accounted for non-guaranteed deposits. The rest of the savings attributable to 6,125 thousand depositors are insured.
The maximum amount of insurance compensation to one contribution is 30,000 manat. Since June 1, 2010, the Fund has not insured deposits with interest rates that exceed 12%. - 15B -
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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