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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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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