Black Sea Trade and Development Bank (BSTDB) granted the non-banking credit organization LLC TBC Credit a credit totaling $ 4 million.
As reported in the organization, the funds raised will be directed to the development of small and medium-sized enterprises in Azerbaijan.
For the previous year, the company received several loans totaling $ 8.5 million from international financial institutions, among which, there are MicroVest, ResponsAbility Social Investments AG and Triple Jump. Also, for a long time TBC Credit has successfully cooperated with OPIC (Overseas Private Investment Corporation, USA) and the European Bank for Reconstruction and Development (EBRD).
Non-bank credit organization TBC Credit has been operating in Azerbaijan since 1999. Since December 2007, 75% of the company has been owned by the leading Georgian bank TBC Bank and 25% - by ShoreBank International Ltd. -15D -
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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