The European Bank for Reconstruction and Development (EBRD) signed an agreement with Access Bank to co-finance the construction sector in Azerbaijan. According to the report of the local representation of Access Bank, the funds will be allocated under the Eurohome project.
The first co-financing Eurohome project has good prospects, as it is a strong and experienced participant of the building materials market. With reference to the Chairman of the Board of Access Bank Michael Hoffmann it is said that this is an indicator of long-term investment in an economically stressful period.
JSC Access Bank has been operating since 2002 on the basis of the CBA license. Its founders are the Black Sea Trade and Development Bank, the EBRD, the International Finance Corporation, KfW Bank (Germany), the German consulting company LFS Financial Systems and Access Holding. --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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