Capital markets have upgraded in Azerbaijan at a high level, the Manager of the World Bank for Financial Sector Rolf Bernd said at the specialized event dedicated to the results of the WB project today.
According to him, such a level of modernization can hardly be seen anywhere else, however, one of the main functions of the global structure is to improve the conditions and welfare of small and medium-sized enterprises, so the local government should continue its work to ensure the efficient use of capital markets, including in the course of privatization.
Recall, the World Bank in March 2011, allocated the Government of Azerbaijan a loan of $ 12 million for the project "Modernization of capital markets' at a total cost of $ 15.8 million. In addition, for this purpose the State Secretariat for Economic Affairs of Switzerland (SECO) has provided a grant of $ 1.6 million plus $ 2.2 million from the local Government with a goal of strengthening the financial sector and capital market instruments, and to support the non-oil sector in the financing through the capital markets. --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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