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 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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