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)

Azerbaijan: Saudi Arabia keen to establish broad trade and economic cooperation

A large delegation from Saudi Arabia, which will include representatives of both, state structures and the private sector, plans to visit Azerbaijan in October. Azerbaijan and Saudi Arabia enjoy successful cooperation in a number of areas and have fruitful bilateral cooperation within international organizations. During the upcoming meeting of the intergovernmental commission on trade and…

Azerbaijan: June 2017 deflation reaches 1%

The prices of consumer goods and tariffs for services decreased by 1% in Azerbaijan in June compared to May, the country’s State Statistics Committee said. The prices of foodstuffs decreased by 2.5% during the reporting period, while the prices of non-food items and paid services increased by 0.1%. The prices of consumer goods and tariffs…

Azerbaijan: DemirBank to get new stakeholders

Stakeholders of Azerbaijan’s DemirBank decided to increase the bank’s total capital, the bank said in a message. The capital will be increased by transforming the bank’s external liabilities worth $105 million into Tier 1 capital, according to the message. The bank’s recapitalization plan approved by the stakeholders has already been submitted to the Financial Market…

Azerbaijan: Aliyev approves funding for construction of road in Sabirabad

Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of Galagayin-Osmanli-Chol Beshdali-Zalgaraagach-Chol Agamammadli-Azadkend-Mugan Ganjali road in Sabirabad.

Under the presidential order, 14.4 million manats is allocated from the state budget for the construction of the road connecting 15 residential settlements with a total population of 41,000 people. (Trend/Business World Magazine)

Azerbaijan: funding for construction of road in Tartar approved

Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of Tartar-Seydimli-Garadaghli-Sarov road.

Under the presidential order, 7 million manats is allocated from the state budget for the construction of the road connecting 20 residential settlements with a total population of 24,000 people. (Trend/Business World Magazine)

Azerbaijan: non-oil economy growing

Azerbaijan’s GDP volume reached 25.34 billion manats in January-May, down by 0.9% YoY, according to a report of the country’s State Statistics Committee. GDP volume per capita reached 2610,3 manats. Meanwhile, the volume of Azerbaijan’s non-oil GDP rose by 2.3% in January-May as compared to the same period of 2016. The volume of Azerbaijan’s GDP…

Azerbaijan: IBA’s foreign debt restructuring plan to be approved until mid-July 2017

The situation with approval of voluntary restructuring plan of foreign obligations of the International Bank of Azerbaijan (IBA) by foreign creditors will be clarified by mid-July, Azerbaijan’s Finance Minister Samir Sharifov declared on June 13. “We have already informed the public about the negotiation process,” said the minister. Earlier, the IBA commenced a process of…