President of Azerbaijan Ilham Aliyev participated in the July 25 opening of the road which runs from the 13th km of the motorway Zykh Circle-Heydar Aliyev International Airport to the village of Gala.
The road with a total length of 12.5 kilometers will create conditions for the improvement of traffic between the towns Tyurkan, Zira, Gurgan, Pirallahi, Dubendi Gala, Shuvalan and Myardakan, as well as for normal vehicle traffic heading into the city center. Along the highway built road junctions, road junction, laid concrete water pipes.
Also, there are underground pedestrian crossings at the intersection of Babak Avenue and K.Afkari Street, and Neftchilar Avenue and S.Safarov Street. The length of the junction, which is located at the intersection of Prospect Street and Babak K.Afkari is 80 m, and the width is 8 m. The transition has two outputs. The underground pedestrian crossing at the intersection of Neftchilar Avenue and S.Safarov Street has length of 89 m and 4 escalators. - 08D -
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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