Azerbaijan will take part in a meeting of the founding countries of the Asian Bank of Infrastructure Investments (ABII), which will be held in Beijing on April 26-27.
The bank is established to develop industrial infrastructure (energy, transport, telecommunications, agriculture, water, environment and others) in Asia.
The Memorandum of Understanding on establishing the bank has 25 signatures.
The main engine of the new bank is China and developed countries of Asia. The authorized capital of the bank is $ 50 billion, a significant portion of which will come from Beijing.
Finance Minister Sharifov said at a press conference on Monday that the Azerbaijani delegation will participate in the inaugural meeting.
Sharifov also noted that the 48th annual meeting of the heads of the Asian Development Bank will be held in Baku at the scheduled time on May 2-5. It will bring together around 3,000 participants from 66 countries. –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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