The economist Gubad Ibadoglu criticized the Azerbaijani government's policy on foreign borrowings for the Southern Gas Corridor project (SGC).
In his opinion, it is better to accept the World Bank conditions by increasing transparency and accountability, and in return obtain loans on favorable terms, rather than take the money at high interest rates.
Ibadoghlu wrote on his Facebook page the government of Azerbaijan places shares of SGC under 6.9% per annum. This is a very expensive and unnecessary debt.
The government prefers to take expensive debts in order to not accept the conditions of IFI to increase transparency, the expert believes.
Azerbaijan is currently experiencing demand for loans in the amount of 5 billion USD in connection with the implementation of the Trans-Anatolian gas pipeline (TANAP) with a capacity of 16 billion cubic meters of gas per year, which is expected to be completed in 2018.
In the project costing 10 billion dollars SOCAR owns 58%, the Turkish company BOTAS owns 30% and another 12% are owned by BP.
The European Investment Bank has decided to allocate 1 billion Euros for this project. -06D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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