Board of Executive Directors of the World Bank approved a loan of $ 50 million in additional funding for the project "Azerbaijan Rural Investment-2."
In WB Baku office they told Turan the new line of credit will provide grants to 670 small-scale infrastructure projects that could bring income to rural communities and small entrepreneurs. IDP rural communities will mainly take advantage of this.
Primary results of the project cost of $ 53.6 million (WB loan, $ 30 million) benefited more than 600 communities, consisting of 1.5 million people. Through these projects roads with a total length of 2,000 km were restored. Irrigation and drainage systems in households also improved, which led to an improvement in income of 700 thousand people by increasing productivity at 30%.
Azerbaijan Rural Investment Project allocates an average of $ 55 thousand for the implementation of various collective infrastructure projects. In this community involved a 10% interest in their financing, including 8% - labor. - 08D-
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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