The World Bank has allocated Unibank $ 8 million (almost a quarter of the total amount envisaged) for lending to local agriculture.
According to the bank’s information, the money has been given to it as an agent of the project to enhance the competitiveness in the agricultural sector, implemented by the World Bank together with the government of Azerbaijan.
The project offers agricultural loans for up to 7 years in the amount of $ 500 thousand. The loans may be issued in manats and in USD.
"Support of the real sector of the economy remains one of the priorities of Unibank. The bank serves its corporate clients through four specialized branches - Gara Garayev, Icheri Sheher, Darnagul Unibank and Unibank Business Center," the information says.
Unibank OJSC received a license to operate in October 2002. The authorized capital mainly (66.21%) belongs to individuals. The major shareholders include the European Bank for Reconstruction and Development (12.15%) and the German company DEG (6.68%).
Recall, the government of Azerbaijan jointly with the World Bank signed an agreement for a loan of $ 34.5 million in June 2014 for the project aimed at strengthening the competitiveness in the sector of agriculture. The total cost of the project is $ 53,250,000. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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