The desired business areas in the Shamakhi region have been determined.
As stated in the declaration of the National Fund for Entrepreneurship Support (NFES), the Fund will consider advantageous projects of creation of grain farming, livestock breeding, beekeeping, wine growing, potato and almond growing, enterprises for the production of cheese, bread and pastries. Also announced is selection of investment projects for the construction of a three-star hotel in the area.
Holders of such documented drafts will have priority in consultation with the authorized credit organizations. With a little luck, banks can give them a loan of up to the full cost of the projects.
NFES at the Ministry of Economy of Azerbaijan was established in 1992. Its agents are 59 banks and micro-finance organizations working with him. Last year, AZN 295 million was allocated for the needs of business and allocation of AZN 250 million is planned at the end of this year. --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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