Cabinet of Minister has given a state guarantee for the purchase of nine aircrafts and six helicopters worth $ 650 million (including the cost of conversion and bank charges.)
The state guarantee was provided to the Central Bank of Azerbaijan, which has provided state of CJSC "Azerbaijan Airlines" a long-term loan through the agent bank $ 655 million including accrued interest.
On September 25 AZAL signed an agreement with "Embraer" for the procurement of four aircraft type "Embraer-190 AR", October 15 - the company "AJW Capital Partners Limited" for the purchase of three aircraft types "Airbus A-340-500" (including one special design), on 17 October with the company "ECC Lesing Company Limited" for the purchase of two aircrafts type "Embraer-170-100 LR", and on October 17 with the company "Agusta Westland SpA" for the purchase of six helicopters "AW139".
AZAL is one of the opaque state-owned companies, which does not publish financial statements, despite the tough requirement of the legislation on the financial statements of public business entities. 08D
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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