The state-run JSC Azerkosmos signed a loan agreement worth EUR 100 million with Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Bank. It is repayable over 11 years. The loan is guaranteed by the French export & credit agency COFACE, said an official statement of Azerkosmos on 11 November.
The funds are drawn to finance the Azersky satellite system and the related ground infrastructure. The loan interest rates of the Japanese banks are not reported.
In the press release Azerkosmos noted that under this loan agreement Airbus Defense and Space (France) will provide its satellite system launched into orbit on June 30, 2014. The French company will also supply ground-control technology and equipment for the automatic processing of images from the satellite, a ground receiving station and the associated services.
The satellite of remote sensing of the Earth Azersky will be in orbit for at least 12 years. -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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