From July 1, 2015 until June 30, 2016, the World Bank (WB) provided the Azerbaijani government about $ 207 million of loans (minus $ 93 million to the past financial cycle).
As stated in the report of the international structures, the main projects are the completion of the expansion of the road Baku-Shamakhi ($ 140 million) and promotion of better living conditions and an increase in IDPs’ income ($ 66.7 million).
In general, over the past 5 years the World Bank has allocated $ 892 million for various projects.
Azerbaijan has been a member of the World Bank since 1992. During this period 55 projects were implemented, 44 of which were completed with more than $3 billion provided under the government guarantee. --17D-
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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