PASHA Bank, a leading corporate bank in Azerbaijan, reported a net profit of 18.79 million manats ($11 million) in the first quarter of 2021, which is 5.4 times more compared to the same period in 2020.

Azerbaijan's Energy Ministry and International Finance Corporation (IFC) signed a memorandum of understanding on cooperation in the use of offshore wind energy resources in order to develop the renewable energy sector in Azerbaijan.

Moody's took rating actions on five banks in Azerbaijan, affirming their short-term ratings and assessments.

Though officials cite their reasoning based on reducing greenhouse emissions - and Azerbaijan is a signatory to the Paris accords - a slow but gradual decline in oil and gas export revenues makes the transition a necessity.