Local AccessBank unit will invest $ 15 million in loans to small and medium businesses.
That is the amount he raised in the framework of cooperation with the Black Sea Trade and Development Bank, said in the statement of BSBTD.
"Credit funds will be used to finance projects in Azerbaijan to modernize, expand production capacity, diversification of products and services for industrial, agricultural and industrial enterprises of small and medium-sized businesses, as well as working capital requirements," it is noted in the official material.
AccessBank Azerbaijan and BSBTD have been collaborating since 2005. In the years 2005-2014 BSBTD provided AccessBank loans totaling $ 37 million.
AccessBank has been operating in Azerbaijan since 2002. AccessBank shareholders are the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, Germany's KfW, Access Holding, and LFS Financial Systems GmbH.
BSBTD was founded in January 1997 to support the economic development of Black Sea countries and the strengthening of regional cooperation. Its founders and shareholders are the governments of 11 countries, including Azerbaijan, Russia, Turkey, Ukraine and Georgia. Azerbaijan's share in the bank's capital is 5%. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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