The Framework Document of the World Bank (WB) on partnership with Azerbaijan for the period 2015-2020 has been approved. This is stated on behalf of the Board of Executive Directors of the World Bank Group.
The document is intended to regulate the operation of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) to support sustainable, inclusive and private sector focused development in Azerbaijan.
The document states reduction of poverty in the country to 5% of the population with the expansion of the middle class from 4 to 29%. He also pointed out that the private sector plays a central role in the new economic model of Azerbaijan in conditions of low oil prices.
WB currently implementing 51 projects in Azerbaijan has allocated loans totaling $ 3.6 billion. 35 of them have already been completed and the implementation of the 16 continues. --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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