In January-September 2016 the State Oil Fund of Azerbaijan to finance the construction of the railway Baku-Tbilisi-Kars (BTK) allocated $ 31.5 million. This was reported on the Fund’s website.
Since the beginning of the project financing (2008) the Oil Fund has allocated $ 619.8 million for it.
In accordance with the agreement signed between the governments of Azerbaijan and Georgia, the funds through the International Bank of Azerbaijan have been allocated to LLC Marabda-Kartsakhi, created for the design, construction, rehabilitation, reconstruction and operation of the railway section Marabda - Border with Turkey and the relevant infrastructure.
Yesterday the President of Azerbaijan Ilham Aliyev stated that the opening of the Baku-Tbilisi-Kars railway will be held before the end of this year.
Passenger trains from Baku to Turkey will start to function only in the middle of 2017. -12B--
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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