Asian Development Bank (ADB) will finance the construction of two local plants for biomass burning - in Aghjabadi and Oguz districts of the country. The loan of $ 40 million provides other options for developing alternative energy sources in Azerbaijan, - creating, for example, the heating system and a number of other projects.
According to the new Country Partnership Strategy in 2014-2018, ADB will invest in energy development in the aggregate $ 140 million, of which $ 100 million of investments are envisaged for the modernization of the electricity distribution system in the country.
Azerbaijan has been a member of ADB since 1999. From 1999 to early 2014 for the implementation of 20 projects in Azerbaijan, ADB approved loans totaling $ 1 billion 637.4 million, of which $ 697.5 million was used. --17D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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