Ministry of Finance of Azerbaijan Becomes Co-founder of Asian Infrastructure Investments Bank
The Ministry of Finance of Azerbaijan has become the official founder of the Asian Infrastructure Investments Bank (AIIB). According to Chinese media, 50 countries signed an agreement in Beijing on this, and another 7 countries will sign the document before the end of this year.
This international financial institution is established in defiance of the Asian Development Bank, where the leading roles are played by the USA, Canada and Japan. Officially, the stated goal of AIIB is development of industrial infrastructure (energy, transport, telecommunications, agriculture, water, environment, etc.) in Asia.
The main engine of the new bank is China - the authorized capital of the bank ($ 50 billion) is half on the account of Beijing, and the venue of the inaugural conference speaks for itself. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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