Azerbaijan: Fitch to upgrade IBA’s ratings

Fitch Ratings, the international ratings agency, said that it had withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the settling of the issue on September 1. The agency has not yet rated the new $1 billion senior notes due 2024 issued in part…

Tajikistan to develop cooperation with Azerbaijan

Tajikistan is keen to develop cooperation with Azerbaijan in all fields, said Tajik Ambassador Soli Rustam as he presented a copy of his credentials to Foreign Minister Elmar Mammadyarov.

He noted that he would spare no efforts to contribute to developing the bilateral ties during his tenure. (AzerNews/Business World Magazine)

Azerbaijan: assets of AtaBank OJSC up

Assets of Azerbaijan’s AtaBank OJSC have increased by 30%, to 609.9 million manats since the beginning of 2017, said Chairman of the bank’s Executive Board Dayanat Guliyev. He made the remarks at the signing ceremony of a partnership agreement with the Chinese UnionPay in Baku. “AtaBank is one of the country’s leading banks in terms…

Azerbaijan to supply more wine to China

Azerbaijan, taking credit for being one of the world’s oldest wine growing countries, intends to expand the export of wine to China, the world’s second-largest economy. The issue was the key topic of talks between local winemakers and the trade representative of Azerbaijan in China, Teymur Nadiroglu. Nadiroglu informed entrepreneurs about the Chinese wine market,…

Azerbaijan: external debt over $7 billion

Azerbaijan’s external debt stood at $7,172.6 million (12,208.5 million manats) as of July 1, which accounts for 18.9% of the country’s GDP, said Azerbaijani Ministry of Finance. The statistics on borrowings include direct liabilities of the Azerbaijani government and contingent liabilities for loans attracted under state guarantee. Azerbaijan’s external debt consists mainly of funds raised…

Azerbaijan attracts more airlines

More Russian airlines will fly to Azerbaijan, which enjoys a growing popularity among Russian tourists. The “Ural Airlines” has received permission to fly to Azerbaijan, according to the Rosaviation, Russia’s Federal Air Transportation Agency. The airline received a permission to perform the regular passenger flights Moscow-Lankaran with a frequency of seven times per week. “IrAero”…

Azerbaijan: funding approved for construction of road in Agsu

Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of Chaparli-Kandoba-Jalayir road.

Under the presidential order, 5.8 million manats is allocated from the state budget for the construction of the road connecting eight residential areas with a total population of 8,000 people. (AzerNews/Business World Magazine)

Azerbaijan: economy to grow in 2018

World Bank (WB) forecasts the grow of 0.5% to 1% of the Azerbaijan’s economy in 2018, head of the bank’s Baku office Naveed Hassan Naqvi said. This year, Azerbaijan’s economy will probably contract by 1-1.5%, he said. “Unfortunately, Azerbaijan is overly dependent on oil,” he noted. “Nonetheless, oil prices decline and subsequent devaluation of the…

Turkmenistan and Azerbaijan leading powers in energy production

Turkmenistan and Azerbaijan, as leading powers in energy production, advocate the transformation of the Caspian Sea basin into a territory of stability, progress and broad international partnership in Eurasia, said Turkmen President Gurbanguly Berdimuhamedov. He made the remark at the government meeting, the agenda of which was dedicated to the results of Berdimuhamedov’s official visit…

Azerbaijan: banks slash dollar sales in H1 2017

Azerbaijani banks sold $621.67 million in January-June, down 2.7-fold YoY, according to the report of the Central Bank of Azerbaijan (CBA).

Bank clients purchased 10.35 million pounds sterling, 126.58 million euros and 1.09 billion Russian rubles in cash over the six months of this year. (Trend/Business World Magazine)

Azerbaijan: president approves funding for construction of road in Barda

Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of a road in Barda.

Under the presidential order, AZN 6.8 million is allocated from the Presidential Contingency Fund for the construction of Yeni Dashkend-Umudalilar road connecting 17 residential areas with the population of 15,000 people. (AzerNews/Business World Magazine)

Azerbaijan: Aliyev approves funding for Zire-Turkan highway’s construction

Azerbaijan’s President Ilham Aliyev has signed an order to provide funding for the construction of Zire-Turkan highway.

Under the presidential order, 3 million manats is allocated from the Presidential Contingency Fund for the construction of the highway, which connects two residential areas with the total population of 24,000 people. (Trend/Business World Magazine)