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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This year, Azerbaijan has experienced a significant increase in passenger traffic: from January to November, 3,230,224 travelers arrived from 41 countries, marking a 32.9% increase compared to the same period last year. This growth, reported by the State Tourism Agency, underscores the country’s rising prominence as a regional tourism hub, particularly against the backdrop of ongoing restrictions on crossing land borders.
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The Azerbaijani government anticipates fluctuations in the production of propylene, a key raw material for plastics and related products, in the coming years. According to the country's socio-economic development forecasts for 2025-2028, production levels are expected to vary, reflecting the complexity of the chemical sector and its links to broader energy markets.
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Kazakhstan has achieved significant growth along the Trans-Caspian International Transport Route (TITR), with cargo volumes increasing by 68% and container shipments soaring 2.7 times during the first 10 months of 2024. These figures, announced by Kazakhstan's Minister of Transport Marat Kabaev during a regional development meeting in the Mangystau region, highlight the crucial role of the Middle Corridor in connecting China with Europe.
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On December 9, Azerbaijani President Ilham Aliyev signed a decree approving the protocol of amendments to the Agreement on Strategic Partnership for the Development and Transmission of Green Energy. The agreement, involving Azerbaijan, Georgia, Romania, and Hungary, aims to strengthen cooperation in sustainable energy across the region.
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