Weekly review of main events of Azerbaijan's financial market

Finance Materials 30 January 2023 10:01
Baku, Azerbaijan Trend News Agency
Weekly review of main events of Azerbaijan's financial market

This week it became known that Azerbaijan's Entrepreneurship Development Fund adopted new lending mechanisms for business entities in the liberated territories, Trend reports.

According to the Fund, as part of the new mechanism, a total of 450 million manat ($264.7 million) were allocated for state guarantees and 150 million manat ($88.2 million) for subsidies.

Furthermore, it was noted that the UN expects consumer price inflation to slow down in Azerbaijan. Consumer price inflation in Azerbaijan is forecast at 8.1 percent in 2023, as compared to 12.7 percent in 2022. This figure is expected to drop to 5.3 percent in 2024.

Also, this week, a discussion of the development of the financial market between Azerbaijan and the International Finance Corporation (IFC) took place.

In addition, it became known that the EU has implemented roughly 400 projects worth 224 million euros in Azerbaijan for 15 years of the EU Delegation's activity.

Moreover, Renaissance Capital updated its forecast of Azerbaijan's GDP. According to the forecast, Azerbaijan's GDP growth in 2023 is expected to be 3 percent.

According to the Renaissance Capital investment bank, the inflation rate in Azerbaijan by the end of 2023 is expected to reach the target of 4 percent.

The bank noted that Azerbaijan is well-placed to avoid financial and fiscal stress if global performance declines due to accumulated reserves.