Last week review (Apr. 18-22)
AccessBank signs first loan agreement under EBRD co-financing facility
AccessBank signed the first loan agreement under the EBRD co-financing facility (MCFF) with its long-term client Eurohome. The Bank will provide financing to Eurohome jointly with the EBRD for the development of new construction markets in Azerbaijan.
On behalf of AccessBank, CEO Michael Hoffmann commented: "Eurohome is a strong and experienced player in the Azerbaijani construction material market. The project funded under the co-financing facility is a good example of forward looking investment in an economically challenging period."
IMF interested in providing Azerbaijan's Financial Market Supervisory Body with technical support
The International Monetary Fund (IMF) is interested in rendering technical support and implementing joint projects with Azerbaijan's Financial Market Supervisory Body, said Philip Bartholomew, head of the technical support mission in the IMF's Middle East and Central Asia department.
Bartholomew made this statement at a meeting with Rufat Aslanli, chairman of the Board of Directors of the Financial Market Supervisory Body in Baku.
Then the sides discussed the measures to preserve financial stability and, in this context, the prospects for future cooperation between the Financial Market Supervisory Body and the IMF.
President Aliyev attends opening of Bakubus LLC's second bus depot
President of the Republic of Azerbaijan Ilham Aliyev has attended the opening of the second bus depot of Bakubus LLC. The president was informed of the conditions created at the facility. The depot provides a parking lot for up to 300 buses.
Azerbaijani president attends opening of new metro stations in Baku
President of the Republic of Azerbaijan Ilham Aliyev attended the opening of Avtovagzal and Memar Ajami stations of the new violet line of Baku Metro.
Azerbaijani president attends opening of new administrative building of Azeravtoyol OJSC
President of the Republic of Azerbaijan Ilham Aliyev attended the opening of a new administrative building of Azeravtoyol OJSC.
President Aliyev, spouse review conditions created at new park in Baku
President of the Republic of Azerbaijan Ilham Aliyev and his spouse Mehriban Aliyeva reviewed the conditions created at a newly built recreation park in Nasimi district, Baku.
President Aliyev, spouse review newly reconstructed street in Baku's Bina settlement
President of the Republic of Azerbaijan Ilham Aliyev and his spouse Mehriban Aliyeva reviewed newly reconstructed Ali Isazade street in Bina settlement of Khazar district, Baku.
Azerbaijan hosts groundbreaking ceremony for Astara railway bridge
A groundbreaking ceremony was held for construction of a railroad bridge over the Astara River on the Azerbaijani-Iranian border. The ceremony was attended by the co-chairs of the Azerbaijan-Iran Joint Intergovernmental Commission for Economic, Trade and Humanitarian Cooperation - Azerbaijan's Economy Minister Shahin Mustafayev and Iran's Minister of Communications and Information Technology Mahmoud Vaezi.
The railroad bridge over the Astara River is a strategically important facility that will connect the railways of Azerbaijan and Iran.
Azerbaijan, Latvia sign protocol in automobile sector
Azerbaijan and Latvia signed a protocol on the basis of agreements reached during the meeting of Commission on international relations between the representatives of the two countries' transport ministries. The commission's meeting was held in Riga, Latvia.
The parties discussed the current state of international road transportation, current problems and prospects of development during the meeting.
Meanwhile, the increase in freight traffic through the North-South international transportation corridor, determination of a contingent of permits for 2016-2017 and other issues of mutual interest were also discussed during the meeting.
Investments in Azerbaijani-Iranian pharmaceutical JV to exceed $30M
Some $34 million will be invested in the establishment of an Iranian-Azerbaijani pharmaceutical joint venture in the Sumgait Chemical Industrial Park, Kambiz Amjadi, head of Iran's Darou Pakhsh Holding Company, said.
The Iranian company inked an MOU with the Sumgait Industrial Park, the Azerbaijan Investment Company and Azersun Holding in Baku as part of the project.
Iran to provide Azerbaijan with technology for car manufacturing
Iran's giant auto maker Iran Khodro (IKCO) reached an agreement with Azerbaijan to establish a company for producing the IKCO cars in the Azerbaijani southern city of Neftchala, Saeid Tafazzoli, the company's deputy CEO for export, said.
"Azeurocar will put investment in the project and Iran Khodro will provide the Azerbaijani company with technological know-how, equipment and machinery," said Tafazzoli.
Elaborating on the brands of the cars to be produced in Azerbaijan, the official said that Soren and Samand cars are among the vehicles to be produced in Azerbaijan.
President Aliyev attends ceremony to launch passenger ships
President of the Republic of Azerbaijan Ilham Aliyev has attended a ceremony to launch the "Ufuq", "Zafar" and "Turan" passenger ships built by the Caspian Shipping Company.
US ready to support development of alternative energy in Azerbaijan
The US is ready to support Azerbaijan in the development of alternative energy, Tom Weirich, senior vice president of the American Council on Renewable Energy (ACORE), said.
The long-term cooperation in this field will be beneficial for both the US and Azerbaijan, said Weirich. Weirich, who participated in the conference titled "Energy, renewable sources and stability", noted the importance of such meetings for the exchange of experience in the sphere of alternative and renewable energy.
Azerbaijan to allocate $500M loan for Iran's railway project
Azerbaijan agreed to open a $500 million credit line to finance the Rasht-Astara railway project, Iran's Minister of Communications and Information Technology Mahmoud Vaezi said. Vaezi said the Qazvin-Rasht-Astara railway will connect Iran's railway network to that of Azerbaijan. He said the Rasht-Astara railway project is expected to need $0.9-$1 billion of investment, of which $500 million will be financed through an Azerbaijani loan.
"Allocation of a loan by Azerbaijan to this project accelerates the implementation of the North-South transportation corridor," he added.