Azersun Holding Group received from the state a major soft loan, which will be used to improve logistics warehouses LLC Azersun Ticaret ve Dagitim.
The loan amount is 10 million manat. This is the maximum amount that can be provided by the National Fund for Entrepreneurship Support. The total size of funds required for the implementation of works is 17 million manat, of which 7 million manat will be invested from the holding’s own resources.
The logistics network of Azersun Ticaret ve Dagitim consists of 12 warehouses in 13 regions of the country. It is the largest trade and distribution network in Azerbaijan with 450 employees and more than 170 vehicles, which serves 10,000 retail outlets. The company was established in 2003 and is mainly engaged in distribution of goods produced at Azersun Holding.
As of July 25, NFES provided about 3,000 subjects of business with loans totaling 153.9 million manat.
According to NFES, it has financed the construction of 42 logistic centers in Baku and regions. - 08D-
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