The Karabakh Revival Fund presents its financial statements and the results of PwC's audit for the year 2021

The Karabakh Revival Fund publishes its financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for the fiscal year ended December 31, 2021, along with the independent auditor's report conducted by PwC Azerbaijan for the relevant period.

The financial statements of the Fund for the year ended December 31, 2021, include reports on the financial position as of that date, profit or loss for the year ended, changes in equity and cash flows.

PwC Azerbaijan has provided an opinion on the financial statements of the Karabakh Revival Fund prepared in accordance with IFRS for the year ended December 31, 2021.

The opinion states: "In our opinion, the present financial statements properly reflect the financial position of the Karabakh Revival Fund (the "Fund") as of December 31, 2021, and the financial results and cash flows for the year then ended in accordance with International Financial Reporting Standards in all material respects".

It should be noted that a total of 892,206,306 AZN was donated to the Karabakh Revival Fund during the year 2021. In addition to funds received from donations, the Fund earned an additional 9,198,829 AZN in financial income by placing funds in state securities of the Ministry of Finance of the Republic of Azerbaijan.

It is worth mentioning that on December 20, 2021, PwC Azerbaijan was approved as the external auditor of the Fund by the Supervisory Board.

It should also be noted that appointing an external auditor for the Fund and accepting the audit report is one of the main tasks of the Supervisory Board according to Article 4.7.12 of the Charter of the Karabakh Revival Fund approved by the Presidential Decree No. 1253 dated January 19, 2021.

The related reports are available on the official website of the Fund in Azerbaijani and English languages.

In Azerbaijani: https://qdf.gov.az/assets/files/reports/MHBS-2021.pdf

In English: https://qdf.gov.az/assets/files/reports/IFRS-2021.pdf

It is noteworthy that the Karabakh Revival Fund, established under the decree of the President of the Republic of Azerbaijan Ilham Aliyev dated January 4, 2021, is a public legal entity that provides financial support for measures aimed at the restoration and reconstruction of the liberated territories, as well as transforming them into a resilient economy and a region of high prosperity.

The Fund also works to attract investments, develop public-private partnerships in this area and implement necessary promotional activities domestically and internationally.