The European Bank for Reconstruction and Development (EBRD) has developed new plans for the Azerbaijan economy, with specific efforts going toward promoting a market-oriented economy, diversifying and developing a sustainable financial sector, and improving the business environment.
The new draft strategy would operate between 2014 and 2017, Azernews reports.
The bank will be involved in such projects as hydrocarbon production and the introduction of best management practice.
"The involvement of the country in such strategically important projects as the Southern Gas Corridor will contribute to the diversification of export routes and energy security of Europe," the EBRD said, according to Azernews. "The government has made some improvements in tax administration with a view to both reducing tax compliance costs for businesses and increasing tax collection rates. The new Customs Code, which came into effect in January 2012, includes strengthened provisions in various areas that are expected to bring regulations into line with international standards (including verification of the country of origin, valuation methods, single window principle in customs administration, customs audit, and electronic submission of information on goods to the customs authorities)."
The document also referenced the recent launch of construction on the international port. It also detailed the improvement of energy efficiency in Azerbaijan and the country's involvement in the non-oil sector.
- BELARUS MINISTRY OF FOREIGN AFFAIRS: Ambassador of Belarus V.Kolesnik meets the Deputy Secretary-General of ASEAN
- BANK OF GEORGIA: The Bank of Georgia has received the Global Finance Award for "Best Internet Banking for Businesses in Central and Eastern Europe"
- FIRST UKRAINIAN BANK - UKRAINE: FUIB doubled sales of OSAGO insurance policies
- CENTRAL BANK OF AZERBIJAN: On holding auctions on attracting funds by the Central Bank
- UNICREDIT - AZERBAIJAN: UniCredit launches first ETFs combining factor strategy with ESG criteria on European equities
- THE BLACK SEA TRADE AND DEVELOPMENT BANK: AIIB, EBRD and BSTDB co-finance expansion of Turkey’s largest geothermal power plant
- GOVERNMENT OF BELARUS: Lukashenko: Belarus wants to deepen economic ties with Latvia
- GOVERNMENT OF ARMENIA: Open Government Partnership Initiative Working Group Holds Meeting
- EUROPEAN INVESTMENT BANK: France: Derichebourg receives EIB financing of 130 million euros under the Juncker Plan
- INTERNATIONAL MONETARY FUND: IMF Executive Board Completes the Second Review under the Extended Credit Facility Arrangement and Approves US$25 Million Disbursement to Burkina Faso