Yesterday in Beijing, IV meeting of the founders of Asian Infrastructure Investment Bank was held.
According to the Ministry of Finance of Azerbaijan, in the meeting it was also represented, just as there were 55 of the 57 founders of the new Asian financial structure.
Perhaps the bank will be able to start operations before the end of the year, as the founders have reached a consensus on the draft statute of AIIB. In this regard, it is planned to complete the signing of founding documents in June.
The authorized capital of the bank is declared in the amount of $ 100 billion. At the first stage the founders will have to pay half the money. Half of the funds will belong to China. Recall that "power" in the competing Asian Development Bank is owned by the United States and Japan (40% of the share capital), and 20% is owned by Australia, Germany, Britain, Canada and New Zealand.
Though Azerbaijan is among the founders of the new bank, its share in the capital has not been determined. --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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