The European Investment Bank has committed a loan of 50 million Euro to the International Bank of Azerbaijan (IBA). According to the report of the largest financial-credit organization in Azerbaijan, the relevant agreement was signed yesterday.
Under the agreement, the funds raised will be used to support small and medium businesses. "In particular, these opportunities will be a benefit for companies operating in the service sector and the non-oil sector, which will support the diversification of the economy and strengthen the position of IBA in the industry," the statement said.
European Investment Bank operates in the European Union and focuses primarily on long-term loans.
IBA has been operating since 1992. More than half (51.07%) of its shares is owned by the government represented by the Ministry of Finance, and the rest (48.93%) - by a variety of businesses and individuals. --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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