
EBRD allotted Azerbaijan third credit to improve energy efficiency
The European Bank for Reconstruction and Development (EBRD) has allotted a credit worth $3 million to Muganbank to fund the projects in field of energy efficiency in Azerbaijan, reads the information posted on the EBRD web site on Wednesday.
The same source reported that the credit allotted as a part of the “Energy Efficiency of the Caucasus” program will be used to fund private sector to support innovations in field of energy efficiency of commercial and residential sectors as well as the projects in field of renewable sources of energy.
Muganbank has become the third EBRD partner in Azerbaijan in this field. In March 2013 EBRD allotted credit worth $4.2 million for the energy efficiency program to Access Bank and in September 2014 it signed a credit agreement to the amount of $5 million with DemirBank.—0—
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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