The new Country Partnership Strategy of the Asian Development Bank (ADB) with Azerbaijan for 2014-2018 has been approved.
As they say in today's report the Board of Directors of the international financial structure, the bank for 4 years is going to highlight the country's government loans in the amount of $ 752 million. Projects in the areas of transport, energy and urban services. "The document is aimed at the diversification of Azerbaijan's economy, creating new economic opportunities, maintaining growth and reducing the imbalance between urban and rural areas,” the document says.
The new strategy is aligned with the government's plans for the development of corresponding strategic priorities of the ADB. As previously reported, under the new strategy, ADB plans to continue funding the private sector, in particular lending to local banks and funding for the development of trade.
Azerbaijan is a member of ADB since 1999. During this time, the implementation of 20 local projects was allocated a total of $ 1 billion 637,400,000, of which was used $ 697.5 million. Almost half (46.26%) of ADB loans invested in transport and ICT, one-third (33.9% ) - the improvement of water supply, municipal infrastructure and services, 11.42% - in the energy sector, 7.08% - in the financial sector, 1.34% - in agriculture and natural resources. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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