Consideration of the Asian Development Bank (ADB) on the loan of $ 1 billion for the project of the electricity network operator OJSC Azerishig within the framework of multi-tranche financing Investment Program for Increased Distribution of Electricity in Azerbaijan has been again postponed - now from May 27 to June 7.
According to the information on the official website of the bank, a week after the general meeting the Board of Directors will consider the first tranche of the program (it was scheduled for June 3, and now for June 14).
Funding is provided in three equal tranches of $ 250 million intended for 7 regional electricity distribution networks (Aran, Baku, South, West, Central Aran, North and North-West).
Specific weight of the Azerbaijani government in financing the project will be $ 250 million and the total amount will be determined at the level of $ 1 billion. --17D-
Economics
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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