BAKU, Azerbaijan, August 18. This week, it became known that the Asian Development Bank (ADB) is considering additional financing for Azerbaijan's transport sector, Trend reports.
The focus was on the Railway Sector Development Program. The project is all about putting $131.5 million on the table to wrap up the reconstruction of 166 kilometers of double-line railway between Sumgayit and Yalama.
Furthermore, it was announced this week that Fitch Ratings has upgraded the long-term issuer default ratings (IDRs) of the Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan (MCGF) on foreign and local currency liabilities from 'BB+' to 'BBB-', with a stable outlook.
Fitch Ratings has also upgraded the long-term foreign currency rating of the senior unsecured Eurobond of the Southern Gas Corridor (SGC) to 'BBB-' from 'BB+'.
Moreover, it was reported that Turkish fintech payment solution “United Payment” intends to launch its product “TURAN” on the Azerbaijani market.
The volume of transactions through the Turkish payment system “Turan Teknoloji Anonim Şirketi” (Turan) to Azerbaijan for six months of this year amounted to 27,544. More than 177 million Turkish lira (8.9 million manat ($5.2 million)) was transferred from Türkiye to Azerbaijan during the reporting period.
This week, Fitch Solutions (FS), a member of the Fitch Group, announced its forecasts for the growth of the real GDP of Azerbaijan in 2024 and 2025. Thus, analysts expect Azerbaijan's economic growth in 2024 to be at 2.6 percent, and in 2025 to be at 2.8 percent.
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