Karabakh Revival Fund presents its financial statements for the year 2022 and the results of PwC's audit

The Karabakh Revival Fund has published its financial statements for December 31, 2022, prepared in accordance with International Financial Reporting Standards (IFRS), as well as the independent audit report conducted by "PwC Azerbaijan" for the respective period.

The financial statements of the Fund for December 31, 2022, cover reports on the financial position as of that date, the financial results for the year ended, including profit or loss, reports on changes in equity, and cash flow statements.

"PwC Azerbaijan" has reviewed the financial statements of the Karabakh Revival Fund prepared in accordance with IFRS for the year ending December 31, 2022.

The report states:

"In our opinion, the current financial statements fairly represent the financial position of the Karabakh Revival Fund ('the Fund') as of December 31, 2022, and the financial results for the year ended on that date, and the cash flows of the Fund in accordance with International Financial Reporting Standards."

It should be noted that the Karabakh Revival Fund received a total of 314,519,877 AZN in donations during the year 2022. By placing a portion of the donations into state bonds of the Ministry of Finance of the Republic of Azerbaijan, the Fund increased its financial income by 34,454,187 AZN compared to the previous year's figures (the Fund earned 9,198,829 AZN in financial income in 2021).

As of December 31, 2022, the total assets of the Fund amounted to 1,238,123,966 AZN.

It should be noted that appointing an external auditor and accepting the audit report is one of the main responsibilities of the Fund's Supervisory Board, based on Article 4.7.12 of the "Charter of the Karabakh Revival Fund" approved by the Decree No. 1253 of the President of the Republic of Azerbaijan dated January 19, 2021.

Thus, on March 17, 2022, "PwC Azerbaijan" was approved as the external auditor of the Fund by the decision of the Fund's Supervisory Board.

The financial report for December 31, 2022, of the Karabakh Revival Fund is available on the Fund's official website in both Azerbaijani and English.

In Azerbaijani language

In English language

It is worth noting that the Karabakh Revival Fund, created by the Decree of the President of the Republic of Azerbaijan Ilham Aliyev dated January 4, 2021, provides financial support for the restoration and reconstruction of the territories liberated from occupation, as well as the transformation of the region into a resilient economy and a region of high prosperity. It aims to attract investments, develop public-private partnerships in this area, and provide information support, education, and necessary promotion activities both domestically and internationally regarding the work being done.