Mortgage Fund Announced Several Tenders
JSC Azerbaijan Mortgage Fund has announced a tender for the establishment and application of the Electronic Mortgage system on the portal Electronic Government, said the Fund.
The fee for participation in the tender is 500 manat.
Packages for the tender should be submitted until April 5, and the other documents are required until 27 March.
In addition, the Mortgage Fund has announced a tender for two lots - the purchase of furniture equipment and the purchase of archival cabinets.
The participation fee for each lot is AZN 50. Primary procurement documents should be submitted before 13 March and the packages of offers - before 30 March. ----71D
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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