The Azerbaijani government has formally submitted an intention to become one of the founding members of the Asian Infrastructure Development Bank.
As reported today the Ministry of Finance, on behalf of the government the document was sent to the Chinese Ministry of Finance on March 31. China is the initiator of the idea of creating this fund.
The Finance Ministry says that Azerbaijan is interested in creating a new financial institution that will meet the growing needs of the Asian region in the development of infrastructure.
Note that Azerbaijan attracts preferential loans for the rehabilitation and development of infrastructure from the World Bank, Islamic Development Bank, Asian Development Bank, the Japan Bank for International Cooperation and other international financial institutions, as well as commercial loans from Czech Eximbank, BNP Paribas, etc. ---08D
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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