The European Bank for Reconstruction and Development (EBRD) with the government of Azerbaijan will sign 10 agreements on the financing of investment projects by the end of 2014. Given the four contracts signed in January - April, the contracts will be 14, according to the materials of the International Monetary Fund (IMF) on the outcome of the economy of Azerbaijan in the framework of cooperation under Article IV.
"In January-April 2014, the Bank signed loan agreements totaling $ 220 million for four projects in Azerbaijan, including $ 200 million under the Shah Deniz project (the borrower - LUKOIL Overseas (operator of international upstream projects of LUKOIL)," the document says.
Still not signed 10 projects include lending to the private sector and the allocation of funds to financial institutions.
Recall, last year the EBRD committed € 163 million for lending to 17 projects in Azerbaijan. - 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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