Last week review (July 7-11)

Analysis Materials 15 July 2014 14:13 (UTC +04:00)

July 7

Fitch affirms rating of Azerbaijan Railways CJSC at stable

Fitch Ratings affirmed Azerbaijan Railways Closed Joint Stock Company's (ADY) Long-term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook. ADY is the wholly state-owned operator of the national railway system in Azerbaijan (BBB-/Stable) and its rating continued to be aligned with that of the sovereign, the Republic of Azerbaijan, its sole shareholder, reflecting continued relatively strong links with the state. Fitch's assessment considers ADY's high strategic importance to the national economy, including its position in transport of export-bound oil products and oil as well as freight transit, which contribute significantly to Azerbaijan's economy. The agency also views the operational links as strong due to the government's involvement in tariff setting, capex planning and funding, financial and business strategy and policy setting, the report of the agency said.

July 8

Kazakhstan presents investment projects to Azerbaijan worth almost $220 million

Azerbaijani entrepreneurs were presented investment projects in Kazakhstan, the website of the Azerbaijani Export and Investment Promotion Foundation (AZPROMO) said.

Some twenty-three projects with total cost about $220 million are planned to be implemented in North-Kazakhstan Region. These projects include the construction of the facility on reception and processing of waste, production of wood-based panels, agricultural equipment, creation of livestock complex and creation of other facilities.

July 9

Azerbaijani, Swiss central banks discuss promising areas of cooperation

The Central Bank of Azerbaijan (CBA) and the Swiss National Bank discussed the possibilities of continuation of joint research in the future, as well as areas of cooperation.

The discussions took place during the meeting of CBA Chairman Elman Rustamov with the Chairman of the Governing Board of the Swiss National Bank Thomas Jordan, who arrived in Azerbaijan to attend Group election of the World Bank and International Monetary Fund (IMF).

July 10

WB approves allocation of additional funding of two projects in Azerbaijan

The Board of Directors of the World Bank (WB) approved the allocation of additional funds to implement another two projects in Azerbaijan.

The loans worth $100 million and $50 million, allocated through the International Bank for Reconstruction and Development (IBRD), will be spent on implementation of Judicial Services and Smart Infrastructure Project (JSSIP) and Azerbaijan Rural Investment Project (AzRIP), respectively.

UK says Europe needs stable energy suppliers like Azerbaijan

Europe needs stable energy suppliers, such as Azerbaijan, UK Minister of State for Energy, Michael Fallon said in Baku.

The minister said that a big portion of the delivery growth was expected to be provided by Iraq, however the situation changed in such a way that now Europe needs supply from stable countries, like Azerbaijan.

Minister Fallon also said that the purpose of his visit is to further strengthen relations between Azerbaijan and Great Britain, not only in the energy sector but also in the financial sector, infrastructure and other areas.

July 11

Estonia names first economic ambassador to Azerbaijan

Chairwoman of the Azerbaijani-Estonian Chamber of Commerce, Jana Krimpe was appointed Estonia's first economic ambassador to Azerbaijan.

The position of the economic ambassador was established by the Estonian entrepreneurship development fund, which is an Estonian state agency for export and investments.

Krimpe said the development of relations between Azerbaijan and Estonia is extremely important for her.

"I have lived in Azerbaijan, and have been engaged in entrepreneurship here for about eight years, and I am sure the Estonian entrepreneurs have something to offer to Azerbaijan," Krimpe said.