The international rating agency Moody's Investors Service changed the rating outlook IBA - Moscow (a subsidiary of the International Bank of Azerbaijan).
According to the agency, the structure within the international scale moved from B3 "Stable" to B3 "positive." This is primarily due to the fact that in July this year JSC International Bank of Azerbaijan made an additional contribution to the authorized capital of IBA - Moscow in the amount of 1.25 billion Russian rubles, which is the most important event in the past 5 years.
The report notes that in recent years, the bank's asset quality has improved significantly reduce its dependence on parent bank funding through the issuance of its own bonds, with the main strategy is to continue to diversify sources of funding.
IBA - Moscow was founded in 2002, all of its shares belong to JSC International Bank of Azerbaijan. Currently, the Bank's network consists of 14 sales offices in Moscow, St. Petersburg and Yekaterinburg. -17D-
Economics
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The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
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