August 17
Two Azerbaijani banks declared bankrupt
Two Azerbaijani banks, the Caucasus Development Bank and AtraBank, licenses of which were revoked by the Central Bank of Azerbaijan (CBA) in January 2016, have been declared bankrupt, said Azerbaijan Deposit Insurance Fund (ADIF) in a message. The message said the decision on the banks’ bankruptcy has been made recently by the Baku Administrative-Economical Court No. 1. ADIF has been appointed the liquidator of the two banks.
August 20
Azerbaijan invites Chinese companies to intensify co-op
Azerbaijan invites Chinese companies to intensify cooperation with local businesses, in particular, in industrial sphere, Chinese media reported citing Azerbaijan’s Deputy Economy Minister Niyazi Safarov. Safarov made the remarks at a session of the Azerbaijan-China Intergovernmental Commission on Trade and Economic Cooperation. He said that currently, Chinese companies participate in Azerbaijan’s 12 projects worth over $640 million. In total, 77 companies with Chinese capital operate in Azerbaijan, he added.
During the commission’s meeting, the issues of cooperation in the field of high technologies, agriculture, air traffic, alternative energy, education, and the prospects of expanding relations were discussed, and specific proposals on boosting economic cooperation were put forward. As a result, a protocol of the commission’s 6th session was signed.