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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In 2024, Azerbaijan’s wheat production reached 1,685.7 thousand tons, reflecting a sharp decline of 148.2 thousand tons compared to the previous year, according to the State Statistical Committee. Wheat productivity also fell by 8.5%, dropping from 33.8 quintals per hectare in 2023 to 30.9 quintals in 2024. These figures underscore a troubling trend for a nation that meets only 25% of its domestic wheat needs through local production.
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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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On January 21, during a meeting in Davos, Azerbaijani President Ilham Aliyev met with Henrik Poulsen, Chairman of the Supervisory Board of Carlsberg Group, and Jacob Aarup-Andersen, the company's CEO. The discussions emphasized Carlsberg Group's expanding presence in Azerbaijan and its commitment to developing local production and sustainability.
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