MARCH 10 2014 (The Conway Bulletin) — The IMF has approved a 38 month loan roughly equal to about $127m to support economic development in Armenia, media reported. Announcing the deal, media quoted Nemat Shafik, deputy managing director of the IMF, as saying that inflation and a large current account deficit were still a worry for Armenia.
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(News report from Issue No. 175, published on March 12 2014)
FEB. 23 2014 (The Conway Bulletin) — The Asian Development Bank (ADB) plans to approve a $45m loan next month to finance the reconstruction of road and bridges along the Georgian border, Azerbaijani media reported. The ADB has been instrumental in pushing ahead plans to rebuild Azerbaijan’s Soviet-era infrastructure.
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(News report from Issue No. 173, published on Feb. 26 2014)
FEB. 6 2014 (The Conway Bulletin) — Highlighting Azerbaijan’s poor infrastructure, the Asian Development Bank (ADB) pledged to lend $150m to build new roads. The loan is part of a multi-tranche plan by the ADB to boost the road network across the country. The total cost of the project is $625m with ADB funding $500 and the Azerbaijani government the other $125m
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(News report from Issue No. 171, published on Feb. 12 2014)
JAN. 22 2014 (The Conway Bulletin) — The European Bank for Reconstruction and Development approved a $200m loan to Russian energy company Lukoil for the development of the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea. Lukoil holds a 10% stake in Shah Deniz. The shareholders in Shah Deniz want to extend the lifespan of the field.
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(News report from Issue No. 169, published on Jan. 29 2014)
JAN. 11 2014 (The Conway Bulletin) — The World Bank and Azerbaijan signed a $42m deal for waste management projects, media reported. Analysts have said a plan is needed to deal with a projected doubling of waste expected in Azerbaijan over the next 20 years generated by a combination of income and population growth.
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(News report from Issue No. 167, published on Jan. 15 2014)
JAN. 4 2014 (The Conway Bulletin) — The Manila-based Asian Development Bank (ADB) plans to increase the number of loans it gives to small and medium sized businesses in Azerbaijan by extending the number of banks it works with. Last year ADB gave AccessBank a five year $50m loan specifically to lend to companies in rural areas.
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(News report from Issue No. 166, published on Jan. 8 2014)
DEC. 16 2013 (The Conway Bulletin) — The Asian Development Bank (ADB) plans to invest $500m into projects run by the Azerbaijani state over the next three years, media quoted the organisation’s representative in Baku, Olly Norojono, as saying. Mr Norojono also said that the ADB’s investment portfolio in Azerbaijan was currently $1.2b up from $500m in 2010.
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(News report from Issue No. 165, published on Dec. 18 2013)
DEC. 9 2013 (The Conway Bulletin) — The Asian Development Bank, based in Manila, has agreed to give Tajikistan $136m to upgrade one of its biggest hydropower plants, media reported. This is the largest single ADB loan to Tajikistan. Tajikistan is heavily reliant on hydropower for its electricity. There are frequent shortages during winter.
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(News report from Issue No. 164, published on Dec. 11 2013)
NOV. 27 2013 (The Conway Bulletin) — The World Bank’s IFC is considering a loan to Britain’s Virgin Media to help it enter a clutch of new markets — including Kazakhstan — media reported.
Virgin Media’s main shareholder is the flamboyant entrepreneur Sir Richard Branson and its potential entry into Kazakhstan should be equally colourful.
All this is good news for Kazakhstan’s mobile sector, currently dominated by a joint-venture between Sweden’s TeliaSonera and Kazakhtelecom and another joint-venture between Russia’s VimpelCom and a private Kazakh company, and its growing hoard of mobile users.
It also groups Kazakhstan with more traditional emerging markets such as Turkey, Poland and Russia.
Kazakhstan’s mobile phone sector has been growing fast and looks set to continue to grow. Mobile phone penetration is rising rapidly in Kazakhstan — recent figures put the rate at 130%. Like other emerging markets, mobile phones have become the must-have accessory for the upwardly mobile, if that is the correct term.
BeMyMobile ltd, controlled by Virgin Mobile Central & Eastern Europe, officially applied to the IFC for the loan. If the bid to the IFC is successful, Virgin will expand as a provider of wireless services into Poland and Turkey first and will prepare to break into the Russian and Kazakh markets. It wants to be a so-called virtual provider. This mean that it won’t build any new infrastructure but repackage existing deals.
Virgin Media signed a Memorandum of Understanding with Kazakhtelecom during British PM David Cameron’s visit to Kazakhstan at the end of June.
If Virgin media does enter Kazakhstan it may also offer other services such as internet and satellite television, similar to its current operations in Britain.
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(News report from Issue No. 163, published on Dec. 4 2013)
NOV. 27 2013 (The Conway Bulletin) — The World Bank’s IFC is considering giving Britain’s Virgin Media a loan to help it expand into a group of emerging markets including Kazakhstan, media reported. Virgin Media signed a memorandum of understanding with Kazakhtelecom earlier this year.
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(News report from Issue No. 163, published on Dec. 4 2013)