ADB Begins Drafting Electricity Distribution Networks in Azerbaijan
The mission of the Asian Development Bank (ADB) began August 24 two-week operation in Azerbaijan in order to prepare the first draft to improve the electricity network.
The job is done in the framework of the investment program to improve the electricity network in conjunction with OJSC Azerishyg, which is a state monopoly in power distribution.
In May of this year in Baku during the 48th annual meeting of the ADB, a memorandum was signed with the government on the program for the modernization of the electricity distribution network in Azerbaijan in the amount of $ 1 billion, of which $ 750 million will be provided by the ADB and $ 250 million will be given by the government. -0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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