Large Credit of Hungarian ExImBank for Azerbaijan to Be Directed Primarily to North-South Project
The credit line of $ 200 million allocated by the Hungarian ExImBank Plc can "grow" and be aimed at the implementation of the international railway project North-South that would connect Northern Europe to South-East Asia through Azerbaijan and Iran.
As stated the Ambassador of Hungary to Azerbaijan Imre Laslotski said, positive point is the bank's dependence not from the European Commission bodies, but directly from the Ministry of Foreign Affairs of Hungary, because the final word is for Minister Peter Siyarto, who last week visited Baku within the framework of the intergovernmental commission on economic cooperation.
"The Hungarian side considers the project very promising," the diplomat said, adding that the bank intends to open a credit line to the local JSC Pasha Bank in the amount of $ 5 million for lending to small and medium enterprises.
Recall, on 27 June, Minister of Foreign Affairs and Trade of Hungary, Peter Siyarto said in Baku that the parties reached a consensus on the allocation of a credit line for the purchase of equipment and the provision of engineering services in the framework of North-South with a condition of participation of Hungarian companies in the project. --17D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review