
In December, Winners Will Be Announced on ICT -2
The results of the competition for the award of grants ICT-2 announced on September 5 this year by the Foundation for the Development of Science under the President of Azerbaijan and the Ministry of Communications and Information Technology will be released in December.
As the website of the ministry, currently is working on a scientific assessment of projects submitted to the competition commission.
Recall the tender was announced to fund research projects and activities for the development of ICT and provides fundamental and applied innovation and research, logistical projects as well as projects for the organization of scientific events.
The total funding is provided on a competitive basis in the amount of 1.2 million manat. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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