Karabakh Revival Fund announces increase in investment revenue and Successful audit by PwC for 2023

The Karabakh Revival Fund has published its financial statements for the year ending December 31, 2023, prepared in accordance with International Financial Reporting Standards (IFRS), along with the independent audit report conducted by PwC Azerbaijan.

The financial statements cover the Fund’s financial position as of December 31, 2023, a profit and loss statement for the completed year, a comprehensive income report, changes in equity, and cash flow statements.

In the audit opinion issued by PwC Azerbaijan, it was stated: “In our opinion, the financial statements accurately reflect the financial position of the Karabakh Revival Fund as of December 31, 2023, and its financial performance and cash flows for the year ended on that date, in accordance with International Financial Reporting Standards.”

In 2023, the Karabakh Revival Fund received a total of 206,485,811 AZN in donations. A portion of these funds was invested in state bonds of the Ministry of Finance of the Republic of Azerbaijan, generating an additional 47,195,993 AZN in financial income. The financial income increased by 37% compared to the previous year, and as a result, the share of financial (investment) income in the Fund’s total revenue rose from 1% to 18.6%.

As of December 31, 2023, the total assets of the Fund increased by 19%, reaching 1,477,065,244 AZN, which represents a growth of 238.9 million AZN.

It should also be noted that, by decision of the Fund’s Supervisory Board on January 24, 2024, PwC Azerbaijan was confirmed as the Fund’s external auditor for 2023.

The Fund’s financial statements and the auditor’s report can be accessed on the official website in both Azerbaijani and English:

In Azerbaijani: MHBS-uyğun Maliyyə Hesabatları və Müstəqil Auditorun Hesabatı 2023

In English: IFRS Financial Statements and Independent Auditor’s Report 2023

The Karabakh Revival Fund was established on January 4, 2021, by the Decree of the President of the Republic of Azerbaijan, Ilham Aliyev, to support the restoration and reconstruction of the territories liberated from occupation, contribute to the creation of a sustainable economy, and ensure the region’s transition to a prosperous future. The Fund is also responsible for promoting public-private partnerships and providing information about these activities both within Azerbaijan and internationally.