The Azerbaijani government intends to allocate from the state budget for 2015 to foreign countries a credit equivalent to the amount of 100 million manat.
According to the Ministry of Finance that promulgated the draft state budget for next year, Azerbaijan will continue its active state policy on lending international projects. What kind of particular project is in question has not been reported.
Earlier Azerbaijan gave Serbia a loan of 300 million Euros to finance the construction of a road section in the central part of the country. It was allocated for 15 years with a grace period of 3 years at 4% per annum. For the construction of the Georgian section of the Baku-Tbilisi-Kars Azerbaijan allocated Georgia two loans totaling $ 775 million. The first loan ($ 200 million) was allocated for a period of 25 years at 1% per annum. The second one ($ 575 million) was at 5% per annum.
It should be noted that the Azerbaijani government has borrowed huge foreign and international credit facilities, the maintenance of which in 2015 will provide 703 million manat of expense. --08B--
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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