On September 2, Baku hosted the EU project entitled "Support to the State Veterinary Service to monitor the strengthening of the surveillance system in Azerbaijan."
Twinning project is aimed at strengthening the capacity of veterinary services, prevention and control of animal diseases in accordance with the requirements of the Office International des Epizooties (OIE) and to promote economic growth of the agricultural sector and improving the situation of food safety in Azerbaijan.
EU Ambassador to Azerbaijan, the representatives of France and the Embassy of Hungary, the experts of the Food and Agriculture Organization, the European Bank for Reconstruction and Development, World Bank, Ministry of Finance, Ministry of Agriculture, Ministry of Economy, the Customs Committee, the Ministry of Health and other agencies are taking part in the event, says press release of the EU office in Azerbaijan.
The project cost is 1020000 euros, it was launched on May 19, 2016, and will run for two years, the Ministry of Agriculture of Azerbaijan, Office of the agri-food and forestry France and Food Security Network Hungary.
Head of the EU Delegation in Azerbaijan Mrs. Malena Mard, speaking at the event, said that this project will be another cornerstone of cooperation between the EU and Azerbaijan in the field of rural development. -02D-
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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