Crediting of alternative energy in small- and medium-size business to begin in Azerbaijan
On May 20, 2013 the Board of Directors of the International Financial Corporation (IFC) is ready to approve a credit for Bank of Republic to fund the project of energy efficiency and stimulation of alternative energy use in small- and medium-size business.
According to the sources from the bank, IFC will provide $14 million out of total cost of the project of $15 million and $1 million will be allotted by Canada Climate Change Program.
IFC did not have such a crediting in Azerbaijan before. In 2013 European Bank for Reconstruction and Development (EBRD) provided the first such a credit to Access Bank, in which EBRD has its share.
The international organizations have repeatedly tried to involve Azerbaijani private sector into development of alternative power. The state monopoly in this business is very strong and the issues of distribution and transportation of electricity generated from alternative energy have not been solved at the governmental level yet.-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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