Russian financiers are going to actively develop the banking sector of Azerbaijan.
As said at today's press conference the Russian Trade Representative in Azerbaijan Yuri Shchedrin, the number of local banks due to the decision of the Central Bank of Azerbaijan to increase the share capital up to AZN 50 million will decrease to 12-15 after 1 January 2014. Their place in view of developing the local economy will be possibly taken by wealthy foreign financial institutions, including Russian ones.
Today Azerbaijani credit institution Agrocredit and the Russian bank Rosselkhozbank have come to an agreement on the mutual fund-raising and financial participation. In the recent past, Sberbank of Russia was actively interested in the local business environment, now these plans are again relevant.
Now Azerbaijan has two Russian banks - Bank Nikoil and VTB. - 17D-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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