BAKU, Azerbaijan, July 16. The improvement of the mechanism for resolving financial disputes was discussed between the Central Bank of Azerbaijan and the Mediation Council, Trend reports.
The CBA signed a memorandum of cooperation with the Mediation Council to discuss issues of protecting investors' rights and expanding dispute resolution mechanisms.
This week, Azerbaijan and the Islamic Development Bank (IsDB) discussed cooperation on projects implemented in the liberated territories of Azerbaijan from Armenian occupation [after the second Karabakh war].
Moreover, Azerbaijan and the International Finance Corporation (IFC) discussed the possibilities of cooperation on projects.
The Export and Investment Promotion Agency of Azerbaijan (AZPROMO) will sign a memorandum of understanding with the Islamic Corporation for Insurance of Investment and Export Credits (ICIEC), part of the IsDB group.
This week, the international Fitch Ratings Agency predicted that Azerbaijan will reduce the national debt by more than 3 percent of GDP by 2025.
The Asian Development Bank (ADB) will allocate $85 million for the development of irrigation and drainage systems in the Nakhchivan Autonomous Republic.
According to the data, the project will contribute to the restoration and modernization of irrigation and drainage networks serving about 23,230 hectares of land in Nakhchivan.
In addition, ADB will allocate $200 million for the Second Improving Governance and Public Sector Efficiency Program (IGPSEP II) program in Azerbaijan.
The IGPSEP II is aimed at supporting Azerbaijan's transition to a more stable, inclusive, environmentally sustainable and diversified market economy by strengthening fiscal management, improving the management and activities of state-owned enterprises, and deepening private sector participation and green development initiatives economy.