The Saudi Fund for Development will provide the Azerbaijani government funds for reconstruction and expansion of water and sewage systems in the Khirdalan city (the administrative center of the Absheron district).
Yesterday President Ilham Aliyev approved a loan agreement worth $ 75 million or 281 250 000 dinars in terms of the Saudi money. Recall, the document was signed by the government on July 3 and the parliament ratified it on December 30 last year.
The project will be completed by the end of this year. The customer is the national water operator OJSC Azersu, which should ensure the construction of 3 water tanks with a total capacity of 60,000 cubic meters, water pipelines and networks with a total length 178.5 km, and a sewage system. The project is designed with the prospect of the Khirdalan city development until 2035. --17D-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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