"Clean City" will not be forgotten
In late June, the joint-stock company "Clean City" will get a chance to continue institutional reforms, capacity building and management of the project "Integrated Solid waste".
This will be done through the Board of Directors of the World Bank (WB), which on June 28 approved a loan to Azerbaijan additional target of $ 47.1 million the Government of the Republic will report lack of $ 8 million
Additional credit will be allocated through the International Bank for Reconstruction and Development (IBRD). Earlier, the World Bank singled out the government of Azerbaijan in the framework of the project loan of $ 29.5 million "in addition" to the government's share - $ 11.5 million.
Under the project, a joint-stock company is constantly one international consultant, in accordance with international standards Balakhan landfill will provide equipment and technology are taken into account and the construction work. International experts in the issuance of money provided and preparatory measures for the closure of the landfill in the future.
In addition, the project provides for the closure of the informal garbage collection sites available in Baku, the regulatory environment, improve the management of funding (or closing) of other polygons.
The project will also improve the quality of services for garbage collection in various districts of Baku, as well as the purchase of equipment for the collection of garbage.
The population of the capital of the Republic and well informed about the state of affairs within the framework of this project. Money is allocated, garbage in the dry residue remains. World Bank is willing to invest money in Azerbaijan, knowing his ability to pay and is not interested in the efficiency of their donation.
Azerbaijan for 21 years of cooperation with the World Bank took loans totaling $ 3.13 billion to implement 44 projects. Bank's current portfolio to 17 local projects is $ 2 billion 264 million. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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