Today Baku hosted a seminar "Strengthening inclusive and sustainable industrial development in the region, the economic zone of the new Silk Road."
According to the head of the Baku office of the European Bank for Reconstruction and Development (EBRD) Neal McCain, in May, the EBRD leadership will allocate this year's first loans for private traders in agricultural industry and for business women.
This will be done within the framework of promoting the diversification of the local economy. According to McCain, the bank annually finances dozens of local projects in order to support small and medium-sized businesses, helping borrowers at all stages - from the allocation of funds to the market of the finished product. In addition, the Bank consults managers about the appropriate documentation with the international practice of financial reporting, management and marketing - currently about 400 companies have received qualified support to the development of their business.
Recall, the EBRD announced the release of about 50 million Euros this year for the development of private entrepreneurs in the agricultural industry. The same amount will be allocated to women in small and medium-sized businesses.
Azerbaijan has been an EBRD member since 1992. It has received from the Bank 2.55 billion Euros for the implementation of projects, the majority (55%) of which is directed to the private sector. --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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