Publications

Tax records in Armenia highlight the government’s challenge in trying to disentangle the country’s economy from Russia. The single largest taxpaying entity in Armenia, records show, is an electronics retailer that appears to generate a large share of profits from exports to Russia. The overall total of tax revenue gathered by the state during the first four months of 2024 reached about Usd 846 Mln (330 billion drams).

The European Bank for Reconstruction and Development (EBRD) is providing a Usd 236 Mln loan to Armenia for the construction of the southern section of the Sisian-Kajaran road. The funding will enable the Government of Armenia to construct 24 kilometres of a new southern road section between Sisian and Kajaran, forming part of the North-South Road Corridor. Azerbaijani President Ilham Aliyev accepted the credentials of newly appointed Ambassador Extraordinary and Plenipotentiary of Italian Republic Luca Di Gianfrancesco. President Ilham Aliyev highlighted Italy's status as one of Azerbaijan's main trading partners within the European Union.

The energy ministries of Kazakhstan, Azerbaijan, and Uzbekistan signed a historic memorandum at the recent Tashkent International Investment Forum, marking a significant step towards interconnecting the energy grids of the three countries, reported the Kazakh Ministry of Energy. The memorandum aims to determine the foundational terms of cooperation for the ambitious project of linking the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan. The European Bank for Reconstruction and Development (EBRD) is extending a €16 million sovereign loan to the government of Georgia to benefit the city of Tbilisi and its EBRD-backed Green Cities programme. The loan will enable the Georgian capital to continue modernising its solid waste management and financing infrastructure, converting the gas produced by solid waste into electricity. To date, the EBRD has invested more than euro 5 Bln in 293 projects in the financial, corporate, infrastructure and energy sectors in Georgia, with 82% of those investments in the private sector. Kazakhstan’s mainline and sea oil transportation volume increased by 14.2% to 21,541 tons in the first quarter of 2024, compared to the same period last year, according to a report by the national oil and gas company, KazMunayGas (KMG). According to the Kazakhstan Stock Exchange (KASE), by the decision of KMG’s Board of Directors, it was proposed that the net profit of 960 Bln tenge (Usd 2.1 Bln) for 2023 be distributed as follows: 300 billion tenge (Usd 675.9 Mln) for dividend payments to shareholders and 660 billion tenge (Usd 1.4 Bln) to remain at KMG’s disposal. The Islamic Development Bank (IDB) will allocate Usd 79 Mln to Kyrgyzstan under the project “Financing Affordable Housing According to Sharia Standards.” The signing ceremony of the agreement took place during a meeting between First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic Adylbek Kasymaliev and IDB President Muhammad Sulaiman Al-Jassir.
China Pingmei Shenma Holding Group Co. Ltd to build solar power plants with total capacity of 1000 MW in two FEZs in Khatlon, Tajikistan. The Ministry of economic Development and Trade (MoEDT) noted that this corporation is already working on the construction of solar power plants in Panj and Danghara free economic zones with a total capacity of 1000 MW (with an investment of Usd 400 Mln).

Tajikistan plans to channel Usd 7.5 Mln to development of its railway sector, the most important strategic sector of the Country. According to him, the proportion of cargo shipments by the railway transport in the overall amount of shipments is more than 70 percent. Turkmengeology opens up new prospects for foreign investors. The corporation is actively introducing modern drilling equipment and is ready to attract foreign companies to the exploration and production of mineral resources in Turkmenistan on a mutually beneficial basis. Over the years of independence, Turkmen geologists have prepared more than a hundred new deposits for industrial development. Uzbekneftegaz, the state-owned holding company of Uzbekistan's oil and gas industry, is contemplating joining the Shah Deniz gas condensate project on the Azerbaijani Caspian shelf, Uzbek Minister of Investment, Industry, and Trade Laziz Kudratov announced during the second Azerbaijan-Uzbekistan Interregional Forum in Guba. The Shah Deniz gas reserves are estimated at 1.2 trillion cubic meters, with approximately 20% already extracted.

Contracts totaling Usd 26.6Bln were signed at the Tashkent International Investment Forum, the state authorities stated. Planned projects include new infrastructure in Tashkent, a data center, power plants, and modernization of heat supply systems in Nukus, Fergana, Quvasoy, and other places. The event attracted over 2,500 participants from 93 countries.