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Azerbaijan may Cancel Interest Rate Limit for Insured Deposits

Azerbaijan may Cancel Interest Rate Limit for Insured Deposits

Azerbaijan may cancel the uppermost limit of the interest rate for insured deposits of individuals, Azad Javadov, executive director of the Azerbaijan Deposit Insurance Fund (ADIF), told Trend. He said this can be done through expanding ADIF mandate and amending Azerbaijan’s legislation. The head of the Fund noted that these …

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World Bank: We Hope Georgia will Eliminate Poverty in 10 Years

World Bank (WB) hopes that in 10 years Georgia will eliminate poverty. WB regional director Mercy Tembon noted that reforms will foster overcoming poverty in the country. “Georgia is trying to overcome poverty. As a result, poverty level is reducing. Several years ago the poverty level was 15%. The figure …

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WB, Botas to Sign loan Agreement on TANAP

The World Bank (WB) and Turkey’s Botas Petroleum Pipeline Corporation will sign a loan agreement for financing of the Trans Anatolian Natural Gas Pipeline (TANAP) project, the Turkish Ministry of Energy and Natural Resources said in a message on its website Feb. 8. The signing ceremony will take place today, …

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Azerbaijan, WB Set to Sign Loan Deal on TANAP Today

Azerbaijan, WB Set to Sign Loan Deal on TANAP Today

Baku will today, Jan. 16, host a ceremony for signing of a loan agreement between Azerbaijan and the World Bank (WB) on the Trans Anatolian Natural Gas Pipeline (TANAP) project, the WB Baku office told Trend Jan. 16. The WB allocated $400 million for Azerbaijan for the project’s implementation. The …

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The World Bank Improved Growth Forecast of Georgian Economy

The World Bank Improved Growth Forecast of Georgian Economy

The World Bank expects acceleration of economic growth in Georgia up to 5, 2%. According to the new report Global Economic Prospects, forecast is improved for Georgia by 0.7 percentage point comparing to the previous assessment. GDP growth is predicted at 5, 3 percentage point in 2018 and 5 percentage …

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AIIB and World Bank Lend Big to TANAP Project

The Asian Infrastructure Investment Bank (AIIB) and World Bank rounded off 2016 with huge loans to the Trans-Anatolian gas pipeline (TANAP) project, part of the gas corridor connecting Azerbaijan with Europe. In the days before Christmas, the AIIB gave its approval to a US$600mn loan to be used in the …

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World Bank Approves $800M Loan for TANAP Project

The World Bank’s Board of Executive Directors today approved a $400 million loan for Turkey and a $400 million loan for Azerbaijan for the Trans-Anatolian Natural Gas Pipeline (TANAP) Project, according to WB website. The project will transport natural gas from a gas field in Azerbaijan to and across Turkey, …

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The World Bank Announces on Continuation of Georgia’s Support

The World Bank Announces on Continuation of Georgia’s Support

Dimitri Kumsishvili has introduced the Vice-President of World Bank 4-point plan of the government and basic direction of 2017 budget. Minister of Finance and Cyril Muller have discussed cooperation priorities of Georgia and the World Bank at the meeting. Dimitri Kumsishvili noted, that 2017 state budget totally serves to the …

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The WB: GEL Exchange Rate is not the Main Task

The WB: GEL Exchange Rate is not the Main Task

GEL exchange rate is not the main task, – the World Bank’s regional director for Europe and Central Asia Hans Timmer says. He declares, that stabile exchange rate is not always a sign of success. External shocks are frequent and flexible exchange rate of GEL is more effective. Timmer notes, …

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Georgia Among Top Global Improvers, Says Latest Doing Business Report

Georgia Among Top Global Improvers, Says Latest Doing Business Report

Georgia received a ranking of 16 among 190 economies in Doing Business 2017: Equal Opportunity for All, released today. This year, the country also showed an improvement in the distance to frontier[1] score of 2.48 percentage points; currently 80.20 percent compared to 77.72 percent the previous year. In the region, …

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