The Ministry of Agriculture of Azerbaijan has signed a contract with the Frankfurt School of Finance and Management to raise the quality of lending in this area within the framework of compliance with international standards.
According to the Ministry, representatives of Germany on the basis of the analysis of the real system under local conditions will make appropriate recommendations and offer new loan products in three main areas. For the purposes of effectiveness and efficiency of budget financing it is planned to coordinate state support with the promotion by international financial institutions and private investors. The second goal is to increase attractiveness of the agricultural industry for credit institutions on the basis of promoting agriculture, and the third objective is improving the competitiveness of this sector relative to other segments of the economy, improvement in credit and leasing products to meet the needs of borrowers.
The agreement was signed within the framework of the five-year project implemented jointly with the World Bank to strengthen the competitiveness of the agricultural industry, approved on September 30, 2013 in the amount of $ 53,250,000.
Azerbaijan has been a member of the World Bank since 1992. During the cooperation the WB allocated a total of $3 billion to the Government for the implementation of 55 projects. Currently its credit portfolio has reached $ 2 billion on 16 active projects. --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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