In 2015, the government began to implement three new international projects, which are provided under the state guarantee.
According to the Ministry of Economy, in 2015 implementation of 41 projects funded by 14 international financial institutions continued. The total amount of these loans was $ 7 billion 620 million. The Ministry of Economy does not provide detailed information on the loan agreements signed on behalf of the government.
The main part (55.5%) of these loans is used for 12 transportation projects. The reconstruction of water supply and sewerage system (11 projects) accounts for 25.5% of the loans borrowed by the state.
With the use of international credits four energy projects (10.5% of total loans) and 5 agricultural projects (4.5%) are implemented, etc. The donors are the World Bank (8 projects; 19.3% of the funds), EBRD (1 project; 9.8%), JICA (2 projects; 7.6%), Islamic Development Bank (4 projects; 5.4%), KfW Bank (4 projects; 2.7%), and others.
In 2015, the implementation of four international projects completed.
State guarantees for international loans are provided by the orders of the Cabinet of Ministers. Since the end of 2012, the government did not disclose these documents to the public. This happened immediately after there appeared evidence of how the state budget funds are spent outside the country for the propaganda activities of Heydar Aliyev Foundation in Mexico and the countries of South-Eastern Europe. ---08B
Economics
-
S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
-
In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
-
A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
-
Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
Leave a review