The desired types of business in the Goranboy region have been specified. As stated in the declaration of the National Fund for Entrepreneurship Support (NFES), the Fund will consider advantageous projects to create farms of intensive fishing, beekeeping and livestock breeding for dairy cattle, enterprises for the production of cladding and roofing on the basis of plaster, and a three-star hotel.
Holders of such documented projects will have priority in consultation with the authorized credit organizations. With a little luck, banks can give them loans of up to the full cost of the projects.
NFES at the Ministry of Economy and Industry was established in 1992. Sixty banks and micro-finance organizations work as its agents. Last year, 295 million AZN was allocated for the needs of entrepreneurs. Allocation of 220 million manats is planned this year. --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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