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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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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