The state operator of water supply and sewerage services Azersu OJSC and the State Committee of Land Reclamation and Water Management of the Nakhchivan Autonomous Republic signed project agreements with the Asian Development Bank in Baku on December 1 for financing the project Investment Program of Urban Water Supply and Sanitation – 3.
ADB has expressed willingness to allocate $150 million for the continuation of the above project. Of these, $ 122.16 million will be used for the reconstruction of water and sanitation infrastructure in Agjabedi, and the remaining $ 27.84 million will be used in the modernization of the water economy of the Nakhchivan city.
ADB has been working with the Government of Azerbaijan to improve urban water and sewerage infrastructure since 2005. In 2012 ADB allocated additional $300 million for the implementation of these works. The bank finances the work in Goychay, Agdash, Beylagan, Agjabedi and Balakan, as well as Nakhchivan. --08D--
Economics
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The black boxes from the AZAL aircraft have been returned to Kazakhstan from Brazil and handed over to the investigation commission for analysis of the aviation accident that occurred near Aktau Airport on December 25, Kazakhstan's General Prosecutor's Office reported.
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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