The Asian Development Bank (ADB) refused to clarify the timing of the issuance of a loan to Azerbaijan's government for the Shah Deniz-2 gas condensate field development project and the Southern Gas Corridor (SGC) project.
Earlier the timing of consideration of the issue was approved by the Board of Directors, but delayed - last time, from 22 August to 27 September. According to the report on the ADB website, it is a multi-tranche sum of $ 1.505 billion.
But the bank will support the full-scale development of the Shah Deniz-2 field, making an investment plan aimed at improving the government's fiscal position by increasing revenues through the production, processing and export of natural gas, associated with more employment.
According to the plan, the bank will provide a partial credit guarantee to support commercial financing in the amount of 16.67% of the project's value. --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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