Baku, May 17, 2023 – Bank Respublika was recognized as the "Most Active Issuing Bank in Azerbaijan" for 2022 within the Trade Facilitation Program (TFP) of the European Bank for Reconstruction and Development (EBRD).
The award was presented at a gala ceremony held during the Annual Meeting of the Board of Directors of the European Bank for Reconstruction and Development (EBRD) on May 16, 2023 in Samarkand.
This award testifies to the annually increasing efficiency of cooperation between the EBRD and Bank Respublika in the field of trade finance. This once again confirms that the Bank Respublika is successfully implementing its mission to support entrepreneurship in the country, an important part of which is the financing of foreign trade operations.
It should be noted that more than 2 thousand guests from 73 states, including representatives of foreign governments, heads of transnational corporations, heads of international financial institutions and banks, take part in the event.
Bank Respublika was established in 1992 and is one of the five leading banks in Azerbaijan. The bank's shareholders include Germany's largest financial institution - Sparkassen International Development Trust (a member of the Sparkassen-Finanzgruppe financial group). The bank has one of the highest international ratings in the banking sector of Azerbaijan - a rating of "B3" with a "Positive" outlook from Moody's. ®
Finance
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The Unemployment Insurance Fund (UIF) under the Ministry of Labor and Social Protection of the Population does not provide information about its investment activities, the conclusion of the Chamber of Accounts on the draft budget law for the Fund for 2025. According to the document, the draft budget does not include any indicators related to the Fund's investments or income from such activities.
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As of the end of 2023, investments of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of the Population amounted to 2,515.3 million manats, the conclusion of the Chamber of Accounts on the draft budget law for the Fund for 2025.
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In Azerbaijan, approximately 6.5 billion manats will be allocated from the state budget for 2025 to implement the "Social and Economic Development Strategy for 2022-2026", the conclusion of the Chamber of Accounts on the draft law "On the State Budget for 2025." According to the document, this amount represents a 17.2% increase compared to the approved forecast for 2024.
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The Central Bank of Azerbaijan has reinstated the license for an insurance agent issued to an individual, Nabiyev Sabukhi Zakirovich, the regulator's official website reported. The announcement states that the decision was made on November 19 in accordance with the Law on Insurance Activity. The reason for the reinstatement is that the insurance broker has addressed the issues that led to the suspension of the license. Currently, there are 426 individuals and 57 legal entities holding insurance agent licenses in Azerbaijan.
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