Last week review (Dec.22-26)

Dec. 22

Azerbaijan to assemble KAMAZ vehicles

Azerbaijan's Ganja Automobile Plant and Russia's KAMAZ plant signed a bilateral agreement in Baku.

The document was signed by the Deputy Director General of KAMAZ plant Vasiliy Tsiganov and Director of Ganja Automobile Plant Kamran Nazarov.

Under the agreement, Ganja Automobile Plant will start assembling heavy-duty vehicles with industrial method from 2015.

Additionally, as part of the long-term cooperation envisaged in the document, KAMAZ vehicles will initially be sold in Azerbaijani market and further in foreign markets.

ADB reviews forecast for Azerbaijan's economic growth

The Asian Development Bank (ADB) expects that the GDP growth in Azerbaijan will be equal to three percent in 2014, ADB Baku Office economist Nail Veliyev said at a press conference.

The bank forecasts that Azerbaijan's economic growth will stand at 3.5 percent in 2015, according to Veliyev.

ADB previously expected the country's GDP growth to stand at five percent in 2014 and 4.8 percent in 2015.

Veliyev said that ADB reviewed its forecast for Azerbaijan's economic growth due to the decrease in world oil prices. "We expected that the oil sector will grow as of 2014, however, we saw its recession in mid-2014."

Dec. 23

Borrowing of loans in Azerbaijani banks to become more profitable

In 2015, interest rates on loans will be reduced in Azerbaijan.

Azerbaijani President Ilham Aliyev gave the relevant instruction in the decree on the application of the law "On State Budget of Azerbaijan for 2015".

The Central Bank of Azerbaijan (CBA) has been instructed to take measures to reduce interest rates on loans of commercial banks, to reduce the difference between the lending and discount rate of the regulator, according to the decree.

At present, the average interest rate on loans in Azerbaijan is 14.3 percent. About three-quarters of the loan portfolio of banks accounts for business loans, rates on which in average amount to 10.8 percent. Interest rates on consumer loans (a quarter of the portfolio) account for 18 percent.

The discount rate of the Central Bank of Azerbaijan is currently equal to 3.5 percent.

First Boeing 787 Dreamliner delivered to Azerbaijan Airlines

Boeing company announced about the delivery of the first Boeing 787 Dreamliner airplane to Azerbaijan Airlines (AZAL) CJSC.

With this delivery, Azerbaijan Airlines becomes the first airline in the Commonwealth of Independent States to operate the 787, said the message.

"We are delighted to receive this revolutionary airplane, which will help Azerbaijan Airlines increase its competitiveness both regionally and internationally," said Azerbaijan Airlines President Jahangir Asgarov. "The airplane, with its unique onboard features, will provide an unrivaled passenger experience with an unmatched level of comfort."

President Aliyev attends opening of Ziya Bunyadov Avenue after reconstruction

President of the Republic of Azerbaijan Ilham Aliyev attended the opening of Ziya Bunyadov Avenue after reconstruction in Baku.

The repair and reconstruction work in Ziya Bunyadov Avenue started in May, 2013. This highway will directly link Koroghlu junction and Galaba circle. The 12-lane avenue has 11 road junctions.

Dec. 24

President Aliyev, his spouse review office building of Baku White City

President of the Republic of Azerbaijan Ilham Aliyev and his spouse Mehriban Aliyeva have reviewed a newly-built office building of the Baku White City, as well as other work carried out as part of the Baku White City project.

President Ilham Aliyev was informed that territory of six out of ten districts was completely cleaned from contaminated soil. The work in the Park district, which covers an area of 24 hectares, is underway. President Ilham Aliyev also viewed the White City Boulevard. President Ilham Aliyev gave relevant recommendations and instructions.

Azerbaijan to receive 3 more Boeing cargo aircraft

Azerbaijani cargo airline Silk Way Cargo and the US company Boeing signed an agreement on the purchase of three new Boeing 747-8 aircraft in 2015-2016, the head of the press service of Azerbaijan Airlines (AZAL), Maharram Safarli said.

The agreement was signed in Baku.

Aside from that, a ceremony was held Dec. 24 for receiving a new Boeing B-787-8 (Dreamliner), which was purchased by AZAL from the US Company.

Dec. 25

SOCAR's activity in Georgia in 2014 discussed in Tbilisi

Georgian Prime Minister Irakli Garibashvili met with President of SOCAR (State Oil Company of Azerbaijan) Rovnag Abdullayev.

The meeting was devoted to the company's activity in Georgia in 2014, the Georgian government told Trend.

The sides discussed the course of implementing the Southern Gas Corridor project. It was stressed that in this project Georgia has one of the main roles as a transit country.

Dec. 26

Serbia, Azerbaijan mull prospects of economic co-op

Serbian Prime Minister Aleksandar Vucic and Azerbaijan's Ambassador to Serbia Eldar Hasanov discussed the political and economic relations between Belgrade and Baku, the Tanjug news agency said.

During the meeting, Vucic expressed satisfaction with the operation of Azerbaijani company AzVirt, which is carrying out construction works on the Ljig-Preljina section of Corridor 11.

The parties said the Azerbaijani companies' participation in new infrastructure projects in Serbia would be immensely important, and pointed to the great interest in cooperation in agriculture and other areas.

President Tokayev receives Finnish Minister for Development Cooperation and Foreign Trade
President Tokayev receives Finnish Minister for Development Cooperation and Foreign Trade
Kazakh telecommunications company opens tender to buy station for wells management
Kazakh telecommunications company opens tender to buy station for wells management
Kazakhstan's ERG eyeing more investments into future projects
Kazakhstan's ERG eyeing more investments into future projects
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