Baku/25.01.13/Turan National Entrepreneurship Support Fund released a report on the allocation of funds for the year 2012. According to the document, 84% of finance provided for the implementation of 63 major projects, that is, each of these projects received at least 10 million manat. These include a number of projects related to the holdings, which have their own banks.
In 2012 and in previous years, huge budget funds were used to finance large projects such holding companies as "Gilan Holding", "Azersun Holding", "ZQAN Holding", etc., which includes commercial banks .
Member of the coalition "National Budget Group" Gubad Bayramov believes this approach to the allocation of funds NFES not fair. "I believe that the provision of large financial resources for the implementation of such holding companies is an example of inefficient use of the state budget," he said.
According to the expert, the government should consider the principles of allocation NFES to eliminate these phenomena, when the holding company with banking institutions that provide loans to private businesses at commercial interest rates as high as 25%, and enjoy preferential government loans at 5%. - 08B-
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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