Dec. 14
ADB to allocate $2.24B to Azerbaijan during 3 years
The Asian Development Bank (ADB) has approved a business plan for operations in Azerbaijan for 2016-2018, the bank said. In accordance with the new business plan, Azerbaijan will receive funds from ADB for 2016-2018 only as ordinary capital resources.
The estimated cost of the ADB loan program in Azerbaijan for 2016-2018 is $2.24 billion. The total cost of the projects, taking into account the interest of the Azerbaijani government, is $3.08 billion. ADB funds will be spent on water, transport (road and railway), as well as energy projects.
Azerbaijan, Turkey mull problems in cargo, passenger transportation
Azerbaijan and Turkey have signed a protocol in the sphere of international road transportation. Ankara hosted the next meeting of Azerbaijan-Turkey joint commission in international road transportation, the Intelligent Transport Management Center said.
The meeting participants exchanged statistical data, discussed the road transportation between Azerbaijan and Turkey, the prospects for its development, the problems in the cargo and passenger transportation sphere, the ways of resolving them, visa, insurance issues and so on.
Dec. 16
Saudi Arabia invests almost $370M in Azerbaijani economy
Saudi Arabia has invested $368 million in Azerbaijan's economy, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at the fourth meeting of the joint commission on economic, trade, investment, technical, cultural, sports and youth cooperation in Riyadh. At the conclusion of the event the sides signed a protocol following the fourth meeting of the joint commission. The protocol envisages the expansion of bilateral cooperation in the areas of health, communication and high technologies, banking, agriculture, industry, energy, sports, tourism.
Riyadh also hosted the Azerbaijan-Saudi Arabia business forum. Up to 100 businessmen, involved in the tourism, logistics, finance, consulting, construction, food industry, agriculture, health, attended the forum.
Dec. 18
Germany to help Azerbaijani entrepreneurs to enter foreign markets
The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the German Society for International Cooperation (GIZ) have signed a Memorandum of Understanding for the project entitled "Be ready for export". The project aims to improve the literacy of small and medium business owners in export and expand their theoretical and practical knowledge.
"The trainings are planned to be held and the views are planned to be exchanged with the participation of local and foreign specialists in the export certification, customs procedures, market research and other topics as part of the training," the statement said. "This project implementation is important from the point of view of enlightening small business owners, supporting their entering the foreign markets and promoting the non-oil export."
Investments in Azerbaijan's industry parks to exceed 1B manats
Total investments in Azerbaijan's industry parks will exceed one billion manats (over $955 million), Niyazi Safarov, the deputy minister for economy and industry, has said.
"As of now, the Sumgait Chemical Industry Park and the Balakhany Industry Park have four registered residents each, one resident has been registered in the Garadagh Industrial Park," he said. Investments in the projects implemented by these parks' residents will exceed one billion manats, noted Safarov.