Between 2016 and 2018 Asian Development Bank (ADB) plans to allot about $790 million for the energy projects in Azerbaijan.
According to the business plan approved yesterday, the finance will be allocated for the projects of development of electric energy distribution system and the system of renewable sources of power.
ADB plans to allot $250 million a year for development of the electric distribution network (Azerishig) and technical assistance worth $800,000 for development of ADB project. The share of the government in the project totals $75 million in 2016, $85 million in 2017 and $90 million in 2018.
The first credit to the amount of $40 million for the renewable sources of power is included into the business plan for 2018. The government’s share in this project totals $13 million.
The Azerbaijani government has reached a mutual understanding with ADB to allot the credit to fund the electric energy sector of the country in early May 2015.—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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