Total Figures for Regional Development
Yesterday the Heydar Aliyev Center hosted a conference on the results of the first year of the "State program of socio-economic development of the Republic of Azerbaijan in 2014-2018 years". At the event, the Minister of Economy and Industry Shahin Mustafayev announced the total amount of investments in the development of the regions at the level of 4.5 billion manat.
According to him, during this period 72 orders were signed on this, under which 270 million AZN was allocated for infrastructure projects, including the modernization of road transport, energy infrastructure, gas and water. The minister did not tell about the effectiveness of the work, limiting it to the statement of the numbers.
In particular, there was construction and reconstruction of rural roads totaling 1,300 kilometers connecting 597 settlements with a population of 960 thousand people. There were launched five power plants and power lines with length of 3 thousand km, 614 transformers, 20 substations, and a gas pipelines with length of 1,450 km.
The Minister informed that in the past year 4.4 thousand companies started to work in the regions, with tax revenues to the state budget of the region increased by 9.8%. --17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review