The World Bank and Azerbaijan Continue Cooperation in Decarbonization

Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).

Despite regional economies showing signs of recovery, Azerbaijan's economic performance continues to lag behind both its neighbors in Europe and Central Asia, as well as the average growth rates of developing countries globally. Recent data from the United Nations Department of Economic and Social Affairs (UNDESA) underscores a sharp divergence between Azerbaijan’s projected economic trajectory and that of comparable countries, noted economist Gubad Ibadoglu.

The Central Bank of the Republic of Azerbaijan aims to enact green bond legislation by year-end, Chairman Taleh Kazimov announced on Thursday during a roundtable discussion at Baku Climate Action Week focused on personal finance.

Azerbaijani President Ilham Aliyev inaugurated several new enterprises and toured ongoing construction projects in the Zangilan district on Thursday, marking significant strides in the region’s post-occupation recovery.