The European Union and the European Bank for Reconstruction and Development held a presentation of a joint project for agricultural development worth $ 40 million in Baku today. EU and EBRD support diversifying the economy to reduce dependence on the oil sector.
The project "Financial Instruments for Agriculture of Azerbaijan» (AZAFF) is aimed primarily at encouraging local financial institutions to issue loans to farmers and agricultural businesses. In this project, EBRD will use not only the traditional scheme of financing agriculture through local banks, but also provide non-financial support for development of the agricultural sector.
The AZAFF project is implemented with the participation of the Ministries of Agriculture, Economy and Industry.
During the presentation, the Deputy Minister of Agriculture Seyfaddin Talibov admitted that the financial mechanism of the agricultural sector in Azerbaijan needs to be improved. ----08D
Economics
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On January 11, Serbian President Aleksandar Vučić announced that Azerbaijan had notified Serbia about the suspension of daily gas supplies amounting to 1.7 million cubic meters due to technical problems at the Shah Deniz field.
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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