Last week review (June 29 - July 3)

June 29

Azerbaijan signs agreement for Asian Infrastructure Investment Bank

Representatives from 57 Prospective Founding Members (PFMs) of the Asian Infrastructure Investment Bank (AIIB), including Azerbaijan, gathered in Beijing for a Signing Ceremony of the Bank's Articles of Agreement at the Great Hall of the People.

From Azerbaijan, the Minister of Finance of Azerbaijan Samir Sharifov, who is currently on a visit to China, signed the financial agreement, the Azerbaijani Finance Ministry said.

The AIIB, which will be headquartered in Beijing, will initially have an authorized capital stock of $100 billion.

The share of Azerbaijan's participation in the bank's capital will amount to 0.25 percent, $245.1 million will be invested in their purchase.

June 30

Moody's: Outlook changes to negative for Azerbaijan's banking system

Moody's Investors Service international ratings agency has changed the banking system outlook to negative from stable for Azerbaijan (Baa3 stable), said the report "Banking System Outlook: Azerbaijan" published on its website.

Moody's forecasts that Azerbaijan's GDP growth will slow to 1 percent in 2015, based on an assumption of oil prices averaging $55 per barrel this year, and that growth will only recover to 1.7 percent in 2016.

Slower economic growth of Azerbaijan can be partially offset by government spending initiatives backed by a sizable pool of accumulated foreign-currency reserves (70 percent of GDP as of year-end 2014), the agency said.

July 2

Azerbaijan interested in development of reliable agricultural insurance strategy

Azerbaijan is interested in attracting international experts as part of working out the law on agricultural insurance, Azerbaijani Finance Minister Samir Sharifov said during the sixth Azerbaijan International Insurance Forum (AİİF-2015) in Baku.

"This type of insurance is characterized by high risk," he said. "However, the government will play a leading role in the development of agricultural insurance in the country."

"We have already begun working out the bill on "State support for agricultural insurance" together with the Ministry of Agriculture," the minister said. "After coordinating in the government, it will be submitted for discussion to the parliament."

July 3

Azerbaijan, Russia simplify customs procedures

Azerbaijan and Russia have signed a protocol on mutual recognition of the results of customs controls on some agricultural products, the message of the State Customs Committee of Azerbaijan said.

The protocol was signed by Chairman of the Customs Committee of Azerbaijan Aydin Aliyev and the head of the Federal Customs Service of Russia Andrey Belyaninov.

This document will make it possible to simplify the export of certain agricultural products of Azerbaijan to Russia.

In addition, the parties signed the "Schedule of working meetings at the level of heads of customs offices and posts of the State Customs Committee of Azerbaijan and the Federal Customs Service of Russia."

The documents were signed during the visit of Azerbaijani delegation led by Customs Service Lieutenant General Aydin Aliyev to Moscow.

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