The Asian Development Bank (ADB) will facilitate uninterrupted power supply to the regions of Azerbaijan. It will be arranged through three tranches of credit totaling $ 750 million.
According to today's report on the ADB official website, with Baku there are no problems, but on the periphery there are shortages and the situation is unstable because of outdated equipment. The new project will help not only small towns and many settlements in rural areas, but also local entrepreneurs and households, and will help reduce income inequality between urban and rural population - the General Director of the Central and Western Asia Department, Sean O'Sullivan reported.
Recall that the memorandum of understanding in the framework of the investment program in the amount of $ 1 billion ($ 250 million - the share of the local government) was signed in May 2015. According to the document, reconstruction and modernization of the energy system is planned. The investment will be used to upgrade the distribution network and substations, improve services, install digital meters, as well as strengthen the personnel potential.
The first funds will come from the second half of 2016 to December 31, 2018. The third tranche will be repaid at the end of 2022.
ADB has been acting since 1966. Its members are 67 countries, including Azerbaijan from 22 December 1999, with the share of 0.5% in the authorized capital.
As of January 1 this year, the government received $ 2,321,620,000 from ADB for 59 projects, plus $ 22 million for 32 projects within the framework of technical assistance. --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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