Azerbaijan adopted the State Program of development of the shipping company in 2016-2020. The document provides updated trade and auxiliary Oil Fleet of the Azerbaijan Caspian Shipping Company for the purpose of organization of cargo transportation in the Caspian Sea and other seas in accordance with international standards.
According to the program, as a result of its implementation, the public shipping company is formed as an influential commercial entity financed independently of the state, which will provide an increase in transit freight traffic through the territory of Azerbaijan.
The source of financing of CJSC Azerbaijan Caspian Shipping Company in addition to its own funds will be loans received directly or under state guarantees, released securities and the sale of non-core assets. Strategic projects of national importance will be financed from the state budget.
In the next 2-4 years the Zykh and Bibiheybat shipyards will be also upgraded. ----08D
Economics
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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Climate change poses a serious risk to global economic and financial stability, said Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), at the event titled "Global Financial System: Scaling Up Climate Action Financing" held as part of COP29.
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Azerbaijan's banking sector has unveiled a comprehensive set of initiatives aimed at bolstering sustainable development, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev outlined the plans during the second panel of the "Global Financial System: Expanding Climate Finance" event.
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Azerbaijan remains steadfast in its commitment to developing a sustainable green economy, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at the COP29 event on Thursday titled “Global Financial System: Scaling Up Finance for Climate Action,” Kazimov emphasized the country's strategic focus on green development as part of its broader socio-economic agenda for 2030.
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