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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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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