Last week review (Sept. 12-16)

Sept. 14

State property units privatized in Azerbaijan

Thirty six state property units were sold as part of the first auction held by the Azerbaijani State Committee on Property Issues within the new privatization program in the country.

As a result, some 1.8 million manats will be transferred to the country’s state budget.

Ilham Aliyev visits IT STEP Academy in Baku

President of the Republic of Azerbaijan Ilham Aliyev has viewed the conditions created at the IT STEP Academy of the newly renovated Baku Vocational Lyceum No. 9 in Binagadi District, Baku.

Sept. 15

SOCAR attracts loan from Azerbaijan's int’l bank

Azerbaijani state oil company SOCAR has attracted 100 million manats from the International Bank of Azerbaijan (IBA) to supply the country with gas, SOCAR Vice President for economic issues Suleyman Gasimov said.

SOFAZ places first deposit in Int’l Bank of Azerbaijan

The State Oil Fund of Azerbaijan (SOFAZ) has placed a deposit of $2 billion in the International Bank of Azerbaijan (IBA), according to the report of the International Monetary Fund (IMF). Azerbaijani government continues to render financial support to the IBA, the IMF report said.

“SOFAZ deposits have been used to repay some of IBA’s most expensive foreign currency liabilities (about $1 billion), with the remaining foreign debt ($3 billion) on a more sustainable path.”

The IBA also expects the [Azerbaijani] government to inject 500 million manats in new capital, the IMF report noted. In addition, the Central Bank of Azerbaijan (CBA) has provided 1 billion manats in subordinated loans to IBA. Finally, in order to provide IBA with an income stream, 3 billion manats were deposited in the CBA at 5 percent interest rate, according to the report.

Azerbaijan, Lithuania to expand co-op in railway sector

Azerbaijan and Lithuania have reached an agreement to even more expand bilateral cooperation in railway sector, spokesperson for Azerbaijan Railways Nadir Azmammadov said.

The agreement was reached during a meeting between head of Azerbaijan Railways CJSC Javid Gurbanov and Lithuania’s ambassador to Azerbaijan Valdas Lastauskas in Baku.

During the meeting, the parties discussed the prospects for future cooperation between Azerbaijan and Lithuania on ‘Viking’ railway project as well.

Sept. 16

Azerbaijan increases interest rate on insured deposits

The Azerbaijan Deposit Insurance Fund (ADIF) has increased the maximum interest rate on manat deposits covered by insurance from 12 percent to 15 percent, head of Azerbaijan Banks Association Zakir Nuriyev said.

ADIF Executive Director Azad Javadov said that the decision came into force Sept. 16.

The decision to raise the maximum interest rate was made only regarding the deposits in national currency, the maximum rate on insured US dollar deposits was left unchanged, he said.

The upper limit of the interest rate on insured deposits in foreign currency is 3 percent.

Ilham Aliyev arrives in Kyrgyzstan

Azerbaijan’s President Ilham Aliyev arrived in Kyrgyzstan to take part in the meeting of CIS Council of Heads of State.

EBRD’s support important for Azerbaijan

A delegation of the European Bank for Reconstruction and Development (EBRD), headed by Bruno Balvanera, director for the South Caucasus, Moldova and Belarus, arrived in Baku.

Balvanera introduced Ivana Duarte, new head of the bank’s Baku office, to the Azerbaijani government. The EBRD delegation was received by Shahin Mustafayev, Azerbaijani economy minister, as part of the visit. During the meeting, the minister informed the guests about the ongoing large-scale reforms in Azerbaijan with the aim of further improving the business and investment sphere, entrepreneurship development.

Mustafayev added that the support for the private sector remains one of the government’s priorities. The minister also stressed the importance of the EBRD’s support for business development and implementation of infrastructure projects.

Sept. 17

Ilham Aliyev chairs conference on cotton-growing development

A conference on the development of cotton-growing in Azerbaijan was held under the chairmanship of President Ilham Aliyev in Sabirabad District.

The president made an opening speech at the conference.

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