`The plan will be worked out mainly by local experts in cooperation with foreign ones,` a local official said. The elaboration will be completed in late 2011. The WB and Azerbaijan"s government have allotted $5 million for this.
Big Baku includes the cities of Baku and Sumgayit and the Absheron district, i.e. the entire Absheron peninsula.
The first General Plan of Baku was prepared in 1896. The latest one was made in 1986. It has not been completed, because the plan made in the Soviet period stipulated its realization for the state budget"s money.
There are 2.26 million residents in Baku.--08B-
Economics
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The Central Bank of Azerbaijan (CBA) aims to keep inflation within the target range of 4±2%, forecasting a rate of 5.4% for 2024 and a slight increase to 5.5% in 2025. This cautious forecast reflects the complexity of economic conditions both domestically and internationally and is aimed at stabilizing inflation expectations. The Bank’s strategy is focused on managing inflation risks while balancing growth objectives.
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Azerbaijan's Small and Medium Business Development Agency (SME) and the Iraqi Federation of Chambers of Commerce have formalized a significant step towards enhancing bilateral economic ties with the establishment of the Azerbaijan-Iraq Business Council. The agreement, signed by Orkhan Mammadov, Chairman of the Board of Directors of SME, and Abdulrazag Al-Zuheir, President of the Iraqi Federation of Chambers of Commerce, comes within the framework of the Azerbaijan-Iraq Business Forum.
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Azerbaijan officially presented the updated digital government platform "myGov" at an event on September 17 in Baku, marking a significant step in the country's digital transformation. The event was attended by government officials, private sector leaders, media representatives, and industry experts.
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Minister of Economy Mikail Jabbarov held a meeting with the World Bank's Regional Director for Sustainable Development for Europe and Central Asia, Sameh Naquib Vahba, to review the ongoing and potential areas of collaboration between Azerbaijan and the World Bank. Both sides expressed their satisfaction with the progress made in joint projects aimed at boosting economic diversification and infrastructure development in Azerbaijan.
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