A new loan has been implemented for the International Bank of Azerbaijan (IBA).
According to the report of the largest financial body, a loan of $ 100 million was attracted from The Export Import Bank of Korea (KEXIMBank), and the relevant contract was signed.
The press release noted that the loan will be used to finance imports of goods into Azerbaijan from Korean manufacturers.
Recall during last week IBA attracted two loans totaling $ 260 million.
IBA was founded in 1992. The owner of a controlling stake in its share capital (51.07%) is the government through the Ministry of Finance, while the other 48.93% stake is owned by private shareholders. --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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