Azerbaijan: power trade agreed with Iran

Iran has concluded an agreement with Azerbaijan for the purchase of 150 megawatt of power, a senior official said. Iran’s Energy Minister Reza Ardakania said that the agreement on his country’s power purchase from Azerbaijan was made during the recent visit of President Hassan Rouhani to Baku. The minister added that the two countries currently…

Azerbaijan: Aliyev allocates funds for construction of 12 modular schools

Azerbaijan’s President Ilham Aliyev has signed an order regarding measures to improve education infrastructure in Bilasuvar, Beylagan, Imishli, Neftchala and Saatli districts. Under the presidential order, 4,172,000 manats have been allocated to the Ministry of Education for the construction of 12 modular schools for 824 pupils in five districts. The advantages of modular schools include…

Azerbaijan: North-South corridor to help transit cargo transportation growth

The International North-South Transport Corridor will make a significant contribution to increase in cargo transportation through Azerbaijan, the Black Sea Trade and Development Bank (BSTDB) declared. “BSTDB is interested in such infrastructure projects,” the bank said. “The North-South project is a regional initiative covering several BSTDB member-states, which is another reason for BSTDB to support…

Azerbaijan: economy continues to grow

Azerbaijan’s GDP volume exceeded 11.54 billion manats in January-February, up by 1.3% YoY, according to a report of the State Statistics Committee. The volume of GDP per capita stood at 1,178.7 manats. In January-February the volume of GDP produced in the non-oil sector of the country increased by 2.3%, while no growth was observed in…

Azerbaijan: banking sector to overcome challenges

The Azerbaijani banking sector will be able to overcome the challenges before it, Ziyad Samadzade, chairman of the parliamentary committee on economic policy, industry and entrepreneurship, said at a conference on “Financing through capital markets, listing and investments” in Baku on March 6. Samadzade said that the banking sector of Azerbaijan had gradually begun to…

Azerbaijan: Rabitabank authorized capital up

Azerbaijan’s Rabitabank has increased authorized capital by 12.8 million mantas, to 101.3 million manats, the bank said in a message. The bank’s authorized capital was increased at the expense of existing shareholders. The aggregate capital of the bank reached 104.6 million manats. The main goal of increasing the bank’s capital is to strengthen stability of…

Azerbaijan: volume of wine exports in 2017 revealed

In 2017 Azerbaijan exported wine products worth $6 million, economy minister Shahin Mustafayev said at a press conference on February 13.

Furthermore, Azerbaijani wines worth $1 million were delivered to China, he said. (Trend/Business World Magazine)

Azerbaijan: Baku expanding railway network

Laying work of new station tracks started at the Eybat cargo train station in Qaradag district of Baku, said the message of the public-relations department of Azerbaijan Railways on February 5. A surge of cargo turnover is expected after the completion of large-scale projects carried out on the railways of the country, the message notes.…

Azerbaijan: new-generation weapons produced

The defense industry plays an important role in the economy of every confident country in the world, including Azerbaijan, whose defense industry is expanding with each passing year. In 2017 the enterprises of Azerbaijan’s Ministry of Defense Industry continued work on the production of defense products. The ministry noted that the volume of defense and…

Kazakhstan: transit of energy resources to step up cooperation with Azerbaijan

Export of energy resources, including gas and liquefied gas to third countries through the territory of Kazakhstan and Azerbaijan will strengthen the transit cooperation between the two countries, Ambassador Extraordinary and Plenipotentiary of Kazakhstan Beibit Isabayev declared. “Recently we’ve held a meeting of the intergovernmental commission between our countries, where we have approved of a…