Uzbekistan: S&P affirms Turonbank’s rating with stable outlook

Measures undertaken in the country to strengthen the financial stability of commercial banks have a positive effect on their assessment by international rating agencies in terms of creditworthiness. In particular, the implementation of effective banking supervision on the basis of international standards, constant monitoring of quality of assets and liquidity of banks have allowed domestic…

Kazakhstan: new gas chemical complex to be built

Kazakh United Chemical Company will build integrated gas chemical complex in Atyrau region, Kazakh Wealth Fund Samruk-Kazyna reported. The complex will process gas from Tengiz field and produce polyethylene, which is widely used in construction, medicine, engineering, the packaging industry, household goods manufacture, etc. The project will cost $2.6 billion, Samruk-Kazyna plans to attract debt…

Tajikistan: high-level conference on the Nurek HPP modernization project held in Dushanbe

A high-level conference on the Nurek HPP modernization project took place in Dushanbe on August 12. The conference reportedly focused on issues related to coordination of activities of partners on attraction of investments for modernization of the Nurek hydroelectric power plant (HPP). The conference participants included Tajik Prime Minister Qohir Rasoulzoda, First Deputy Prime Minister…

Azerbaijan: Bulgarian energy and economy ministers to visit Baku

Bulgaria’s Energy Minister Temenuzhka Petkova and Economy Minister Bojidar Loukarsky will visit Baku on September 29-30, to take part in the 4th session of the intergovernmental economic cooperation commission. An Azerbaijani-Bulgarian business forum will also be held during the ministers’ visit. The Bulgarian delegation will include entrepreneurs working in the spheres of energy, refining, construction,…

Belarus: mini TPP to be built in Volkovysk

A mini thermal power plant worth $8.82 million burning locally available fuel will be built in Volkovysk (Grodno Region) at the expense of credit resources provided by the International Bank for Reconstruction and Development, the Energy Ministry of Belarus reported. They plan to launch the power plant by May 2018. The plan is to install…

Belarus: stepwise action to create single pharmaceutical market in EEU suggested

Belarus suggests taking stepwise action to create the single pharmaceutical market in the Eurasian Economic Union, Belarus’ Prime Minister Andrei Kobyakov said when speaking at an expanded-participation meeting of the Eurasian Intergovernmental Council in Sochi. Andrei Kobyakov noted that Belarus was concerned with the lack of progress in the development of the single internal market…

Belarus: foreign investment in economy at $4.7 billion in H1 2016

In January-June foreign investors injected $4.7 billion into the Belarusian economy, the National Statistics Committee informed. The primary investors were economic operators of Russia (50.2% of the investment), the UK (20.5%) and Cyprus (7.5%). Foreign direct investments amounted to $3.9 billion. In H1 2016 Belarusian economic operators (except for banks) transferred Br2 billion in investments…

Russia: 25% of wheat exported to Egypt

In 2015/2016 Russian wheat exports totaled 24.65 MMT, up by 15% YoY. Main tendencies of the finished season were the decrease in wheat purchases from Turkey and higher exports to Egypt. Thus, share of Turkey in Russian wheat exports decreased from 20% in 2014/2015 to 13% in 2015/2016. While the share of Egypt grew to…

Russia needs to keep the counter-sanctions after 2017

The Russian ban on the supplies of food products established in 2014 contributes to development of domestic agro-industrial complex and should be extended after the end of its effective term (December 2017), the Minister of Agriculture of Russia Alexander Tkachev declared. “In order to further promote import substitution, increase the competitiveness of the domestic production…