Last week review (Aug. 25-29)

Analysis Materials 2 September 2014 13:03 (UTC +04:00)

August 25

Azerbaijan updates list of countries outside scope of cooperation in fight against money

Financial Monitoring Service (FMS) under the Central Bank of Azerbaijan (CBA) has reduced and made ​​changes to the list of states, as well as countries possibly involved in the laundering of money and other property, financing of terrorism, illicit trafficking of narcotic drugs and psychotropic substances, supporting of transnational organized crime, including armed separatism, and extremism, states the order of the head of the Financial Monitoring Service published on its website.

According to the updated list, Guatemala, and the islands of Nauru, and Niue were excluded and Belize and the Co-operative Republic of Guyana were added. At present, the list approved by the FMS consists of 16 countries - Iran, Armenia, Belize, Afghanistan, Iraq, the Democratic Republic of Congo, Democratic People's Republic of Côte d'Ivoire, the Cooperative Republic of Guyana, the People's Democratic Republic of Laos, Liberia, the Republic of the Union of Myanmar, Somalia, Sudan, Thailand and Vietnam.

August 26

CBA tightens requirements for capital adequacy

Central Bank of Azerbaijan plans to change the structure of the classification of assets by risk level, adding the group of 120 percent risk level, which will include unsecured consumer loans. This change is reflected in the amendments to the "Regulations for the calculation of bank capital and its adequacy." Draft amendments are published on the website of the CBA.

August 27

Problems at Azerbaijan-Russia, Azerbaijan-Georgia custom border posts solved

Customs and border posts of Azerbaijan on the border with Russia and Georgia are working in emergency mode, and queues formed a couple of days ago due to a landslide in the Daryal Gorge in Georgia, have been eliminated, Azerbaijani State Customs Committee (SCC) said. "At the moment intensive work is being carried out both at the Sinig Korpu checkpoint and at the Samur checkpoint, which ensures free movement across the Azerbaijani-Georgian and Azerbaijani-Russian border," the SCC said.

On August 20 due to the landslide on the area of the Russian-Georgian border vehicles transporting goods to Turkey, had to pass through the territory of Azerbaijan. Large flow caused delays on the Azerbaijani-Russian customs, which led to the formation of queues on both sides of the border.

August 28

Birinci Shahseven-Ahmadli-Dunyamalilar road commissioned in Beylagan

President of the Republic of Azerbaijan Ilham Aliyev has attended the opening of the Birinci Shahseven-Ahmadli-Dunyamalilar road in Beylagan. The road was constructed under the Azerbaijani President Ilham Aliyev's order dated Sept. 12, 2013.

Two million AZN were initially allocated from the President's 2013 Contingency Fund to the Beylagan District Executive Authority for construction of the road. The road, which links eight residential areas with a total population of 25,000 people, is more than 39 km in length. The construction of a 20km section of the road has already been completed.

Azerbaijani president attends opening of bridge over Kur River in Shirvan

President of the Republic of Azerbaijan Ilham Aliyev has attended the opening of a bridge over the Kur River on the Hajigabul-Bahramtapa highway in the city of Shirvan. The president cut the ribbon symbolizing the official opening of the facility.

Transport Minister Ziya Mammadov told President Aliyev that the bridge is 317 meters in length and nearly 15 meters in width.

The outdated metal bridge was creating serious traffic problems. Although it had been repaired several times, the replacement of the bridge with a new one was urgently needed. The construction started in 2011 and it is now ready for operation.

First phase of operations completed as part of KfW water project in Azerbaijan

The first stage of work completed as part of the reconstruction of water supply and sewerage system in the city of Ganja. It was carried out as part of the "Second program of open communal infrastructure" and funded by the Azerbaijani government, the German bank KfW and the Swiss State Secretariat for Economic Affairs Seco, Azersu (national water operator of Azerbaijan) said.

The work was carried out to restore the water sources and to construct the main water lines during the first phase of the project. Taking into account the relief, perspective development of Ganja and the needs of the population, three water sources, namely, the drainage systems of Goygol and Gyzylgaya, as well as Shemkirchay reservoir were chosen to provide the city with water, according to the statement.

August 29

Azerbaijani president attends opening of garment factory in Horadiz city

President of the Republic of Azerbaijan Ilham Aliyev attended the opening of a garment factory in Horadiz. The president was informed about the conditions were created in the factory. The fact that the factory has state-of-the-art equipment and devices, paves the way for the manufacture of high quality products.

Azerbaijan's Silk Way Airlines receives two new cargo Boeing aircraft

Azerbaijan's "Silk Way Airlines" has received two new cargo Boeing 747-8 aircraft, Boeing reported. One aircraft was delivered to Silk Way Airlines last week, and the second one Aug. 28, according to the statement.