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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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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