The German government will provide for the implementation of projects agreed with the Azerbaijani government in 2008-2012 subsidized loans for 370 million euros.
According to the press release of the German embassy in Baku, it is provided by the intergovernmental agreement on financial cooperation project agreed in 2008-2012 signed on November 28 by the finance minister, Samir Sharifov, and German Ambassador to Azerbaijan, Heidrun Tempel. Under the agreement, the loan will be presented through a bank KfW. Most of these funds, 220 million euros, will be sent on the "Programs utility infrastructure" in Ganja and Sheki.
In addition, €130 million will be spent on financing the "Open program of renewable energy and energy efficiency." Another 20 million euros will be allocated to support the program "Ecologically pure waste management."
Earlier, the German government approved providing for Azerbaijan by the KfW funds amounting 595 million euros. Of this amount, 95 million euros were sent to already completed projects, 220 million euros to the projects under implementation, and another 280 million euros have been provided on future projects.
Financial cooperation between the two countries continues since 1993. Since 1993 , the Federal government has provided for Azerbaijan through GİZ and other organization a technical assistance amounting 75 million euros. Currently, about five million euros are allocated for this purpose.
The main directions of technical cooperation is to support the private sector in the field of non-oil , municipal development, reforms in the field of justice, and guard of bio-diversification.—06D--
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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