Category: Economy

The World Bank (WB) Board of Directors plans on May 25 to approve a loan worth $65 million to Azerbaijan for a new Regional Connectivity and Development Project, “QİA.AZ” informs, referring to the WB. The total cost of the project is $95.8 million. For the implementation of this project, the bank plans to use the funds saved within the Third Highway Project… Continue reading WB to approve loan for road reconstruction in Azerbaijan

In January this year, information and communication enterprises in Azerbaijan provided services worth AZN 177.8 million, including 75.1% in the public sector, “QİA.AZ” informs, citing the State Statistics Committee. During the reporting period, the cost of services provided by information and communication enterprises in Azerbaijan decreased by 5.1%, with private sector accounting for 77% of revenues in this area.

Revenues of Azerbaijan’s state budget in January amounted to 2.32 billion manats ($1.36 billion), and expenditures reached 1.23 billion manats ($723.95 million) this year,“QİA.AZ” informs referring to the State Statistics Committee. This is 27.4 and 12.2 percent less compared to the same period last year. As a result, a surplus of 1.08 billion manats ($640.7 million) was formed in the budget.

The World Bank (WB) expects Azerbaijan’s economy to grow by 1.9 percent this year and 4.5 percent next year, “QİA.AZ” informs. referring to the WB report. The document also notes that in 2020, the economic growth will be 2.5 percent in the South Caucasus region, including Azerbaijan. This growth will be ensured by weakening the coronavirus pandemic… Continue reading WB unveils economic growth forecast in Azerbaijan

The first China-Azerbaijan container block train of 2021 has arrived in Baku, ADY Container LLC, a subsidiary of Azerbaijan Railways (ADY) told “QİA.AZ”. The mixed freight train covered the distance from Qingdao, China, to Baku in 15 days. The block train consists of 50 containers, each 40 feet long. The containers were delivered from the port… Continue reading First China-Azerbaijan container train of 2021 arrives in Baku

Hosting a center of the 4th Industrial Revolution Network will be an asset to Azerbaijan, Minister of Economy of Azerbaijan Mikayil Jabbarov wrote on his Twitter account, “QİA” reports. “Cooperation with leading companies will provide development of the non-oil sector, diversification and digitalization of the economy and further increase international influence of our country,” noted… Continue reading Azerbaijan’s Economy Minister outlines contribution of 4th industrial revolution to economy

The Asian Infrastructure Investment Bank (AIIB) has replaced an alternative director for Azerbaijan from Turkey. Mohammad Aslam Chaudhary, a Pakistani citizen, has been appointed to the post. He is currently the Secretary of the Economic Affairs Department of the Government of Pakistan. He will hold the same position in Azerbaijan, Turkey, Brunei, Georgia, Kyrgyzstan, and… Continue reading AIIB appoints Pakistani official as alternative director for Azerbaijan

The official exchange rate of the US dollar and euro against Azerbaijani manat was set at 1.7 manat and 2.0434 manat respectively for Feb.4. Below are the rates of Azerbaijani manat against world currencies according to the data from the Central Bank of Azerbaijan. Currencies Feb.4, 2021 Feb.3, 2021 Jan.4, 2021 Jan.4, 2020 Daily difference… Continue reading Azerbaijani currency rates for Feb.4

Last year, Azerbaijan’s Azercosmos OJSC exported telecommunication and optical satellite services worth $45.1 million to 33 countries, a growth of six countries and $1.7 million – 4 percent- from 2019, “QİA.AZ” informs, referring to the January issue of the Export Review of the Center for Analysis and Communication of Economic Reforms. According to the document, export revenues of Azercosmos amounted to 90 percent of its… Continue reading Export revenues of Azerbaijan’s Azercosmos grow