Board of Directors of the World Bank approved on July 5, the decision to allocate $ 30 million loan required to finance the second project of rural investments. According to the bank, as a result of 1.5 million members of rural communities will be improved access to infrastructure and social services.
In WB Baku office they told Turan the total project cost is estimated at $ 53.6 million, of which $ 23.6 million is to be funded by the Government of Azerbaijan.
The new project is based on the achievements of the previous project for seven years that increased income of 600 thousand people, improved irrigation potential for 700,000 land users and provided 150,000 people with access to good quality fresh water. - 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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