The state-run JSC Irrigation and Water Management Committee signed a contract for the purchase of special equipment (bulldozers, excavators, tractors, etc.), pumping stations, electrical equipment and other facilities to serve irrigation, waterworks.
The tender was held on 35 lots and the winners were 15 companies. Total value of the contract is 32.5 million manat, the report of the State Procurement Agency, in January and February of this year. The main suppliers of the company are LLC "Grand Motors", "Ramma", "AS Texnika", "Kaskad-3", "ART Proje", "Cavidan-N", "Improtex Trucks Buses", JSC "Gidromashservis" Ganja Automobile plant, etc. The number of purchased machinery and equipment not reported. On the corporate website the company is no information on its own fleet of special equipment.
In this year's funding for agriculture JSC "Irrigation and Water Management" has been allocated 233 million manats from the state budget. Besides that, the company receives multimillion dollar allocations for investment projects.
The devastating effects of floods of the river Kura in May 2010 showed how ineffective this structure, despite the huge public funding. From 2005 to 2010 needs, including shore protection and drainage works, and the state of the international financial institutions was allocated $ 1 billion, part of which is missing. - 08B-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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