Last week review (May 27-31)

May 27

WUN, WB note Azerbaijan's significant progress in achieving Millennium Development Goals

Azerbaijan has made significant progress in achieving the Millennium Development Goals adopted by the UN member countries and all leading development organisations in the world, UN resident coordinator in Azerbaijan Antonius Broek and head of the Baku Office of the World Bank (WB) Larisa Leshchenko stated at a seminar entitled 'The goals of sustainable development - national consultations in Azerbaijan'.

The eight development objectives stated in the Millennium Development Goals, starting with the reduction of extreme poverty to halt the spread of HIV / AIDS and providing universal primary education by 2015, constitute a programme adopted by all countries and leading development organisations of the world. According to Leshenko, Azerbaijan has made progress in the area of poverty reduction, primary education and the fight against HIV infection, but in order to achieve all the Millennium goals, Azerbaijan should pay great attention to the opening of new jobs, regional development and inclusive growth of the economy.

World Bank agricultural subsidy proposals

The World Bank (WB) presented the Azerbaijani government with its proposals to improving the country's mechanism of subsidising agricultural producers, head of the Baku office of the World Bank Larisa Leshchenko said. According to her, the bank conducted an analysis in the field of subsidising agricultural producers and then presented its proposals to the Azerbaijani government. "Right now we are not cooperating in this field, but if necessary we are ready to provide support. Our main proposal is to ensure the effectiveness of subsidies, regardless of their form," Leshchenko said. As the Minister of Agriculture Ismet Abbasov said previously, various proposals to change the mechanism of subsidising farmers is being discussed in the country.

International Bank of Azerbaijan completes major deal with Arab banks

The UAE banks have been mandated by the International Bank of Azerbaijan (IBA or the Purchaser) to arrange a $100,000,000 Syndicated Murabaha Financing facility, a joint press-release released by the banks says. "Emirates NBD Capital Limited (EMCAP), Barwa Bank, J.P. Morgan Limited (J.P. Morgan) and Noor Islamic Bank PJSC (Noor) (the Initial Mandated Lead Arrangers and Bookrunners) have been mandated by the International Bank of Azerbaijan (IBA or the Purchaser) to arrange a $100,000,000 Syndicated Murabaha Financing facility", according to the press-release. Financing under the Facility will be used by IBA to expand its Shari'a compliant financing activities in Azerbaijan. The Facility has a tenor of 18 months and carries a profit rate of 325 bppa over the relevant Libor. IBA operates an Islamic window that provides Shari'a compliant financial services in Azerbaijan.

May 29

President Aliyev: Modern technologies will help to diversify Azerbaijani economy

Azerbaijan invests largely in the new technologies, in non-oil sector of economy, and the results of these four months of 2013 show an economic growth in non-oil sector close to 11 percent, President of Azerbaijan Ilham Aliyev said. He made this statement at the opening of the Azerbaijan-U.S. Convention "Vision for the Future" in Baku. "And this shows that already we have achieved largely our objective, that is, diversification of economy. And the new sectors of economy which we now try to develop and also demand modern technologies, knowledge, as it was in mid 1990's, when we needed modern technologies to develop our oil fields. Because in the Soviet times, Azerbaijani oil workers could not drill in more than 100-150 meters depths of the water. And modern technologies in energy sector allowed us to discover new fields," President Aliyev said.

May 30

Azerbaijan is interested in expanded cooperation with Western Kazakhstan

Azerbaijan is interested in cooperation with Western Kazakhstan, Azerbaijani Deputy Minister of Economic Development Niyazi Safarov said at a joint business forum in Baku. A delegation headed by Atyrau oblast governor Serik Aidarbekov arrived in Baku. It includes representatives of companies operating in the fields of agriculture, food processing, medicine, shipping and energy. "The two countries have established a solid legal basis," Safarov said. "Nine meetings of the intergovernmental commission on trade and economic cooperation have been held up to now. Today, about 40 companies with Kazakh capital work in Azerbaijan. Azerbaijani businessmen are working successfully in Kazakhstan." He said that the agroindustrial complex, food industry and establishment of joint ventures in different areas of the economy look like the most profitable areas to invest in.

Moody's improves outlook on ratings of largest bank of Azerbaijan

Moody's Investors Service has changed to stable from "negative" the outlook on the following global scale ratings of International Bank of Azerbaijan (IBA), said in report published on website of agency. The bank's standalone bank financial strength rating (BFSR) of E+, which is equivalent to a standalone baseline credit assessment (BCA) of b3, long-term local and foreign currency deposit ratings of Ba3, long-term foreign currency senior unsecured debt rating of Ba3, and long-term foreign currency subordinated debt rating of B1.

EU strongly supports Azerbaijani bid to join WTO

The European Union (EU) strongly supports the efforts of Azerbaijan to join the World Trade Organization (WTO), the head of the EU Delegation to Azerbaijan Roland Kobia said speaking at the conference "International Trade Law in the Caucasus and Central Asia: between regional integration and globalization" held in Baku. According to him, accession into the WTO is not a challenge, but an opportunity for Azerbaijan. We understand that Azerbaijan should continue to protect the local market. We are aware that Azerbaijan's accession into the WTO will bring the country more expenditures rather than benefits. This means that local producers will be required to meet the WTO standards. We believe the country will join the WTO in the foreseeable future not because we want to believe it, but because we assume it is in the interests of Azerbaijan", he added.

June 1

EBRD: Favorable conditions for investment created in Azerbaijan's stock market

Favorable conditions for investment have been created in the securities market of Azerbaijan, the Vice President for Financial Affairs of the European Bank for Reconstruction and Development (EBRD), Manfred Schepers said during the meeting with the Deputy Chairman of the State Securities Committee (SSC) of Azerbaijan Ilgar Muradov in Baku. According to the report published on the website of the State Committee, the meeting discussed expansion of cooperation, which, according to the deputy chairman of the State Committee for Securities, will create new opportunities in the domestic securities market.

29 years later: Azerbaijan marks tragic date of Khojaly genocide
29 years later: Azerbaijan marks tragic date of Khojaly genocide
OSCE PA Vice-President names Azerbaijan's challenges in post-Karabakh conflict period
OSCE PA Vice-President names Azerbaijan's challenges in post-Karabakh conflict period
Khojaly genocide - criminal act committed against mankind, against humanity, MP says
Khojaly genocide - criminal act committed against mankind, against humanity, MP says
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29 years later: Azerbaijan marks tragic date of Khojaly genocide
ByteDance agrees to $92 million privacy settlement with U.S. TikTok users
Global COVID-19 deaths surpass 2.5 mln - Johns Hopkins University
Georgia approves draft agreement with largest oil company in Eastern Europe
Kazakhstan decreases exports to Belarus year-on-year
UAE resumes issuing travel visa for Iranians
Head of parliamentary committee talks agricultural activity in liberated Azerbaijani lands
AZAL to start to make special flights from Baku to Kyiv
OSCE PA Vice-President names Azerbaijan's challenges in post-Karabakh conflict period
Khojaly genocide - criminal act committed against mankind, against humanity, MP says
Azerbaijani FM, Israeli ambassador discuss prospects for development of bilateral co-op (PHOTO)
Russian journalists horrified by Azerbaijani Aghdam city's destruction
Netherlands Trading House may open in Azerbaijan
Supplies of 'Iskander' missiles to Armenia must be stopped – Russian expert
Baku hosts meeting with Pakistani military delegation
Pakistani FWO talks interest to co-op with Azerbaijan in infrastructure projects
Azerbaijani president receives Signify representatives via video format (PHOTO)
OSCE MG should support post-conflict rehabilitation of Azerbaijani territories - OSCE PA VP
Chairperson-in-Office of OSCE looks to visit Azerbaijan
Italy's share in Azerbaijani oil export in 2020 disclosed
Azerbaijani satellites to provide HD broadcasting to West Africa region
Hungary-Azerbaijan cooperation on ACG, Baku-Tbilisi-Ceyhan pipeline can expand to new areas
Khazar Consortium opens again tender for service maintenance in Turkmenistan
Conversations ongoing on potential projects between Turkmenistan, UK
Uzbekistan’s fiscal policy to continue supporting economic recovery - Fitch Ratings
Payment card turnover in Azerbaijan continues to grow
Azerbaijan’s crude oil export to China up
Hungary eyes including Azerbaijani gas in country’s future energy mix
Azerbaijani market of great interest to Russian Perm region's business circles
Azerbaijan reports 142 more COVID-19 recoveries
Azerbaijan discloses volume of foreign trade operations with Russia in Jan. 2021
Azerbaijan to use new 'cloud' technologies in audit during 2021 - Chamber of Auditors
Volume of loans issued by Georgian commercial banks down
Uzbek-Korean JSC announces tender for transport services
OSCE ready to deploy mediation missions for sustained peace in Azerbaijani liberated territories - president
CNPC in Turkmenistan opens tender for provision of gas leakage detection services
Fitch projects share of state-owned banks in Uzbekistan to reduce
"Sign of Khojaly" film demonstrated within "Justice for Khojaly" campaign (VIDEO)
OIC SecGen pays tribute to those who lost their lives in Khojaly genocide
Reconstruction of Azerbaijan’s liberated lands to deepen economic co-op with Hungary
Moderna sees $18.4 billion in sales from COVID-19 vaccine in 2021
Swiss agriculture technologies to be introduced in Kazakhstan's Almaty
Tesla short-sellers sitting on $3.5 billion weekly profits
Azerbaijani FM receives Pakistani FWO's Director General (PHOTO)
Resident of Azerbaijan's liberated Jabrayil district injured as result of mine explosion
Georgia creating new council to develop state enterprise reform strategy
Uzbekistan approves investment agreements on construction of wind farms in Bukhara region
Iran's raw steel exports shrink
Dutch company sets up concrete production plant in Uzbekistan’s Tashkent region
Georgian Railway to resume passenger transportation
Azerbaijan records growth of debit cards in January 2021
Azerbaijani company signs contracts for transportation of aluminum products to Turkey
Russia increasing supplies to Turkey along BTK railway
Main share of Czech investments in Georgia falls on energy sector
Oil refining volumes decrease in Kazakhstan year-on-year
Azerbaijan communications ministry working on stabilizing Internet in districts
Azerbaijan’s Azerishig, MERKABA-SOFT companies sign contract
Payments of Azerbaijani insurance companies double
Data on cotton yarn sales on Turkmenistan’s exchange in Jan.2021
Kazakhstan's national oil&gas company reports lower annual oil transportation volumes
Kazakhstan's KazMunayGas sees decrease in 2020 oil extraction
Azerbaijan sees Jan.2021 growth of national currency deposits in local banks
Georgia plans to hinder construction of plastics recycling plant in Kutaisi FIZ
Iran reveals COVID-19 data for February 25
AzTV will investigate historical assasinations (PHOTO)
Kazakhstan eyes to host meeting of Turkic Council countries' energy ministers in 2022
Zarif urges South Korea to release Iran's blocked assets
UK eager to restart U.S. talks on tariff removal
Saipem expects capex to rise in 2021
Central Bank of Azerbaijan announces winner of tender for survey on household plans
Central Bank of Azerbaijan shares data on revenues of Azerbaijani insurance companies
Number of trucks crossing through Iran's Jolfa border checkpoint revealed
German companies eye 'green economy' dev't projects in Kazakhstan
Kazakh investors interested in several sectors of Turkish economy
Assets of pawnshops and microcredit organizations in Uzbekistan increase
Kazakhstan's major copper company reveals its 2021 production guidance
Turkey's activity on Turkmenistan’s exchange in Jan.2021
Azerbaijani president takes part in ceremony of providing families of martyrs, disabled with apartments (PHOTO)
Details of import-export via Iran's Bushehr Province announced
President Ilham Aliyev attends opening of Shaghan Rehabilitation Pension (PHOTO)
KAZ Minerals provides update on Baimskaya Project in co-op with Russia
Military coup attempt in Armenia - PM inviting supporters to Republic Square
Uzbek agriculture ministry to create system to monitor irrigated lands
Pashinyan dismisses head of General Staff
Armenian General Staff demands Pashinyan's resignation
Azerbaijani banks' foreign currency demand down
Azerbaijan privatizes several district public properties via auctions
Turkmenistan prepares to host transport conference for landlocked developing countries
Bakcell launches internet package for online education and work
Iran starts exporting products from Tombak port
Georgian PM appoints Vice PMs
Extraction from Iran's South Pars gas field exceeds plan
Kazakhstan's KAZ Minerals reports increase in revenues
TOP-5 trading partners of Azerbaijan in Jan. 2021
Georgia to extend grace period for auto importers
Saipem’s capex down, net financial debt up in 2020
Kazakh national atomic company's subsidiary opens tender to repair vehicles
Saipem sees decrease in revenues due to slowdown of projects
Barclays lifts 2021 oil price outlook on tighter U.S. supply view
Azerbaijani MFA comments on statements by Luxembourg's FM
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